[Congressional Record Volume 167, Number 199 (Tuesday, November 16, 2021)]
[Senate]
[Page S8295]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4719. Mr. BROWN (for himself and Mr. Casey) submitted an amendment 
intended to be proposed to amendment SA 3867 submitted by Mr. Reed and 
intended to be proposed to the bill H.R. 4350, to authorize 
appropriations for fiscal year 2022 for military activities of the 
Department of Defense, for military construction, and for defense 
activities of the Department of Energy, to prescribe military personnel 
strengths for such fiscal year, and for other purposes; which was 
ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. ____. PROTECTIONS FOR OBLIGORS AND COSIGNERS IN CASE OF 
                   DEATH OR TOTAL AND PERMANENT DISABILITY.

       (a) In General.--Section 140(g) of the Truth in Lending Act 
     (15 U.S.C. 1650(g)) is amended--
       (1) in paragraph (2)--
       (A) in the heading, by striking ``in case of death of 
     borrower''; an
       (B) by striking ``death'' each place the term appears and 
     inserting ``death or total and permanent disability'';
       (2) by adding at the end the following:
       ``(3) Discharge in case of death or total and permanent 
     disability of borrower.--The holder of a private education 
     loan shall, when notified of the death or total and permanent 
     disability of a student obligor, discharge the liability of 
     the student obligor on the loan and may not, after such 
     notification--
       ``(A) attempt to collect on the outstanding liability of 
     the student obligor; and
       ``(B) in the case of total and permanent disability, 
     monitor the disability status of the student obligor at any 
     point after the date of discharge.
       ``(4) Private discharge in cases of certain discharge for 
     death or disability.--The holder of a private education loan 
     shall, when notified of the discharge of liability of a 
     student obligor on a loan described under section 
     108(f)(5)(A) of the Internal Revenue Code of 1986, discharge 
     any liability of the student obligor (and any cosigner) on 
     any private education loan which the private education loan 
     holder holds and may not, after such notification--
       ``(A) attempt to collect on the outstanding liability of 
     the student obligor; and
       ``(B) in the case of total and permanent disability, 
     monitor the disability status of the student obligor at any 
     point after the date of discharge.
       ``(5) Definition.--In this subsection, the term `total and 
     permanent disability' has the meaning given the term `totally 
     and permanently disabled' in section 685.102(b) of title 34, 
     Code of Federal Regulations.''.
       (b) Rulemaking.--The Director of the Bureau of Consumer 
     Financial Protection may promulgate regulations to implement 
     the amendments made by subsection (a) as the Director 
     determines appropriate.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date that is 1 year after the date 
     of enactment of this Act.
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