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Code · BILL · 113th Congress · S. 2107 (Introduced in Senate) — To increase students’ and borrowers’ access to student loan information within the National Student Loan Data System,... · Sec. 2

Sec. 2. Amendment to the Truth in Lending Act

357 words·~2 min read·/bill/113/s/2107/is/section-2

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Section 128(e) of the Truth in Lending Act ( 15 U.S.C. 1638(e) ) is amended by adding at the end the following: Each private educational lender shall— submit to the Secretary of Education for inclusion in the National Student Loan Data System established under section 485B of the Higher Education Act of 1965 ( 20 U.S.C. 1092b ) information regarding each private education loan made by such lender that will allow for the electronic exchange of data between borrowers of private education loans and the System; and in carrying out clause (i), ensure the privacy of private education loan borrowers. The information regarding private education loans required under subparagraph
(A)to be included in the National Student Loan Data System shall include the following if determined appropriate by the Secretary of Education: The total amount and type of each such loan made, including outstanding interest and outstanding principal on such loan. The interest rate of each such loan made. Information regarding the borrower that the Secretary of Education determines is necessary to ensure the electronic exchange of data between borrowers of private education loans and the System. Information, including contact information, regarding the lender that owns the loan. Information, including contact information, regarding the servicer that is handling the loan. Information concerning the date of any default on the loan and the collection of the loan, including any information concerning the repayment status of any defaulted loan. Information regarding any deferment or forbearance granted on the loan. The date of the completion of repayment by the borrower of the loan. Any other information determined by the Secretary of Education to be necessary for the operation of the National Student Loan Data System. Each private educational lender shall update the information regarding private education loans required under subparagraph
(A)to be included in the National Student Loan Data System on the same schedule as information is updated under the System under section 485B of the Higher Education Act of 1965 ( 20 U.S.C. 1092b ). . The amendment made by subsection
(a)shall apply to private education loans that were made for the 2011–2012 academic year or later.
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Sec. 2
Amendment to the Truth in Lending Act
U.S.C.§ 1638
U.S.C.§ 1092b
Cites 2Cited by 0 across 0 sources
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