Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
117TH CONGRESS
1ST SESSION H. R. 3092
To adjust the applicability of certain amendments to the Truth in Lending
Act, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MAY 11, 2021
Ms. CRAIG introduced the following bill; which was referred to the Committee
on Financial Services
A BILL
To adjust the applicability of certain amendments to the
Truth in Lending Act, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Ryan Frascone Memo-
4
rial Student Loan Relief Act of 2021’’.
5
SEC. 2. APPLICABILITY OF CERTAIN AMENDMENTS TO THE
6
TRUTH IN LENDING ACT.
7
(a) IN GENERAL.—Effective on the date of enact-
8
ment of the Economic Growth, Regulatory Relief, and
9
VerDate Sep 11 2014
23:43 Jun 10, 2021
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H3092.IH
H3092
kjohnson on DSK79L0C42PROD with BILLS
2
•HR 3092 IH
Consumer Protection Act (Public Law 115–174), section
1
601(b) of such Act is amended to read as follows:
2
‘‘(b) APPLICABILITY.—The amendments made by
3
subsection (a) shall apply to private education loan agree-
4
ments entered into before, on, or after the date of enact-
5
ment of this Act.’’.
6
(b) TREASURY LOAN PURCHASE PROGRAM.—
7
(1) IN GENERAL.—The Secretary of the Treas-
8
ury shall establish a program under which the Sec-
9
retary shall purchase and retire outstanding private
10
education loans—
11
(A) where the borrower on such loan is de-
12
ceased;
13
(B) where there remains a cosigner on the
14
loan;
15
(C) that were entered into before the date
16
that is 180 days after the date of enactment of
17
the Economic Growth, Regulatory Relief, and
18
Consumer Protection Act; and
19
(D) only upon an application from a holder
20
of such loan pursuant to paragraph (2) that
21
demonstrates the holder has suffered financial
22
injury as a result of the amendment made by
23
subsection (a).
24
VerDate Sep 11 2014
23:43 Jun 10, 2021
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3092.IH
H3092
kjohnson on DSK79L0C42PROD with BILLS
3
•HR 3092 IH
(2) APPLICATION.—The holder of a loan de-
1
scribed under paragraph (1) may apply to the Sec-
2
retary of the Treasury to have the Secretary pur-
3
chase and retire such loan by submitting an applica-
4
tion in such form and manner as the Secretary may
5
require.
6
(3) AUTHORIZATION
OF
APPROPRIATION.—
7
There is authorized to be appropriated to the Sec-
8
retary of the Treasury $5,000,000 to carry out this
9
subsection.
10
(4) TRUTH IN LENDING ACT TERMS.—In this
11
subsection, the terms ‘‘cosigner’’ and ‘‘private edu-
12
cation loan’’ have the meaning given those terms, re-
13
spectively, under section 140 of the Truth in Lend-
14
ing Act (15 U.S.C. 1650).
15
Æ
VerDate Sep 11 2014
03:22 Jun 18, 2021
Jkt 019200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H3092.IH
H3092
kjohnson on DSK79L0C42PROD with BILLS