Student Loan Transfers Disclosure Act of 2015
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HR 3948 — Student Loan Transfers Disclosure Act of 2015
Last action — Referred to the Subcommittee on Higher Education and Workforce Training.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Student Loan Transfers Disclosure Act of 2015 This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another. A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan. Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe. Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late. A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer. The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be liable to a borrower for failure to comply with the bill's disclosure and notice requirements with respect to events that occur before such regulations take effect. As a condition of eligibility for certain federal funding, an institution of higher education must ensure compliance with the bill's requirements.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 3948 on the official United States source →Action History
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Referred to the Subcommittee on Higher Education and Workforce Training.
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Referred to House Education and the Workforce
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Referred to House Financial Services
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Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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Introduced in House
Sponsors
- Theodore Deutch · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 3948 do?
- Student Loan Transfers Disclosure Act of 2015 This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another. A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan. Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe. Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late. A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer. The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be liable to a borrower for failure to comply with the bill's disclosure and notice requirements with respect to events that occur before such regulations take effect. As a condition of eligibility for certain federal funding, an institution of higher education must ensure compliance with the bill's requirements.
- Who sponsors HR 3948?
- HR 3948 is sponsored by Theodore Deutch (D).
- What is the current status of HR 3948?
- This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 3948?
- Track HR 3948 free on One Click Politics — get push/email alerts when it moves.
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