Private Student Loan Disclosure Enhancement Act of 2007

A bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes.

7/19/2007--Introduced.
Private Student Loan Disclosure Enhancement Act of 2007 - Amends the Truth in Lending Act to subject private education loans to its consumer credit disclosure requirements. Sets forth the private student loan terms and conditions which lenders must clearly and conspicuously disclose to borrowers in any application or solicitation for such a loan and contemporaneously with the approval of a private student loan application. Gives private student loan borrowers 30 days after the loan is approved and the required loan disclosure information is received to accept and consummate the loan transaction. Subjects lenders to civil liability for violating such requirements. Requires civil actions to be brought within one year after the first monthly payment on the loan becomes due after the borrower leaves school, unless full repayment begins earlier. Requires private student loan providers, when making the required loan disclosures, to inform borrowers of their possible eligibility for federal educational loans. Requires the Board of Governors of the Federal Reserve System to develop and test a student borrower disclosure statement that encourages students to use federal educational loans and discloses their average interest rate and the fact that they are less costly than private education loans.


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Sponsor

• Sen. Charles Schumer [D, NY]

Committees

• Senate Banking, Housing, and Urban Affairs

Amendments

This bill has no amendments.

Amendments to S.1831

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
July 19, 2007

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All Bill Actions

• Jul 19, 2007: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
• Introduced on Jul 19, 2007.

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Related Issue Areas:

• Higher education
• Actions and defenses
• Administrative procedure
• Budgets
• 18 more
• Collection of accounts
• Consumer education
• Consumers
• Debtor and creditor
• Education
• Executive departments
• Federal reserve system
• Federally-guaranteed loans
• Fees
• Finance
• Finance charges
• Government lending
• Interest
• Interest rates
• Law
• Liability (Law)
• Limitation of actions
• Student loan funds

Data from the Congressional Research Service

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Blog Coverage

March 23, 2008 US Navy: Marianas waters ideal for sonar technology training

With the exception of Puerto Rico, the other US areas such as Guam, the US Virgin Islands and American Samoa, also have jurisdiction to just three miles of their submerged lands. S. 1831 was not acted during the 109th US Congress.

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July 29, 2007 Student Loan Bill Update 2 « Student Loan Info for Parents

S. 1831 Title: A bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. Sponsor: Sen Schumer, Charles E. NY (introduced 7/19/2007) Cosponsors (None) ...

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Source: Student Loan Info for Parents

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July 18, 2007 Bill Action: Introduced: S. 1831: A bill to amend the Truth in ...

Sen. Charles Schumer [D-NY] introduced S. 1831: A bill to amend the Truth in Lending Act, to improve disclosures for private student loans, and for other purposes. [This event matched these monitors: Introduced Legislation ]

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