H.R.5458 - Christopher Bryski Student Loan Protection Act

To amend the Truth in Lending Act and the Higher Education Act of 1965 to require additional disclosures and protections for students and cosigners with respect to student loans, and for other purposes. view all titles (5)

All Bill Titles

  • Official: To amend the Truth in Lending Act and the Higher Education Act of 1965 to require additional disclosures and protections for students and cosigners with respect to student loans, and for other purposes. as introduced.
  • Short: Christopher Bryski Student Loan Protection Act as introduced.
  • Short: Christopher's Law as introduced.
  • Short: Christopher Bryski Student Loan Protection Act as passed house.
  • Short: Christopher's Law as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
05/28/10
 
09/28/10
 
 
 
 
 

Official Summary

Christopher Bryski Student Loan Protection Act and Christopher's Law - (Sec. 2) Amends the Truth in Lending Act to require institutions of higher education (IHEs) that provide student loan counseling to new borrowers and cosigners at the time of any student loan application, originatio

Official Summary

Christopher Bryski Student Loan Protection Act and Christopher's Law -

(Sec. 2)

Amends the Truth in Lending Act to require institutions of higher education (IHEs) that provide student loan counseling to new borrowers and cosigners at the time of any student loan application, origination, or consolidation, or at the time the cosigner assumes responsibility for repayment, to include information on creating a durable power of attorney for financial decisionmaking. Requires private educational lenders to provide borrowers and cosigners of student loans with that information at the time of loan application. Requires lenders of private educational loans for which cosigners are held jointly liable to describe clearly and conspicuously, in writing, the cosigners' obligations regarding such loans, including the effect a borrower's or cosigner's death, disability, or inability to engage in any substantial gainful activity would have on such obligations. Directs the Board of Governors of the Federal Reserve System to publish model forms for the information this Act requires to be provided regarding:
(1) the creation of a durable power of attorney; and
(2) a cosigner's obligation.

(Sec. 3)

Amends the Higher Education Act of 1965 to require IHEs to provide borrowers of federal educational loans information at their entrance counseling regarding:
(1) the effect their death, disability, or inability to engage in any substantial gainful activity would have on their federal and private educational loans; and
(2) their state's model form, published by the Board of Governors of the Federal Reserve System, for creating a durable power of attorney.

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