Sec. 101. Student protection and debt relief
638 words·~3 min read·
/bill/114/s/2719/is/section-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Servicemembers Civil Relief Act ( 50 U.S.C. 3901 et seq. ) is amended by adding at the end the following new title: In this title: The term servicer , with respect to a student loan, means a person who— during a period in which repayment of the student loan is required— receives scheduled periodic payments from the borrower or notification of such payments; and applies payments to the borrower's account pursuant to the terms of the student loan or of the contract governing the servicing of the student loan; during a period when not payment is required on the student loan— maintains account records regarding the student loan; and communicates with the borrower regarding the student loan on behalf of the student loan's holder; or interacts with the borrower, including activities to help prevent default on obligations arising from the student loan, conducted to facilitate activities described in subparagraph
(A)or (B). The term student loan has the meaning given such term qualified education loan in section 221(d) of the Internal Revenue Code of 1986. Each servicer of a student loan that was issued by or guaranteed by the Federal Government shall continuously monitor the Defense Manpower Data Center, or any successor database, for the purpose of continuously monitoring the duty status of borrowers who are servicemembers and complying with the requirements of this Act. Monitoring conducted under subsection
(a)shall be conducted in accordance with such policies and procedures as the Secretary of Defense may prescribe for purposes of this section. In any case in which a servicemember submits to the servicer of a student loan of the servicemember an application for a benefit under this Act or a notice to invoke a protection under this Act with respect to such student loan and the servicer denies such benefit or determines that such protection is not applicable, the servicer shall provide the servicemember with— a complete and clear explanation of the reasons why the servicer denied such benefit or determined such protection is not applicable; and a clear and concise description of the actions that the servicemember may take— to appeal such denial or determination; and to obtain such benefit or invoke such protection. Not later than 60 days before the date that a servicer of a student loan of a servicemember sells or transfers such student loan to another person for servicing, the servicer of such loan shall submit to the Secretary of Education, the Director of the Consumer Financial Protection Bureau, and the servicemember a notice of such sale or transfer. In any case in which a student loan described in subsection
(a)is sold or transferred and the seller or transferor of the student loan placed a limitation or protection on such loan pursuant to a provision of this Act, such limitation or protection shall apply to such student loan after sale or transfer without any action taken by the servicemember. Upon the death of a servicemember who dies in line of duty while serving on active duty as a member of the Armed Forces, each student loan of the servicemember is forgiven. Upon the service-connected death of a servicemember, the balance of each student loan of the servicemember guaranteed or issued by the Federal Government is forgiven. In this section, the term service-connected has the meaning given such term in section 101 of title 38, United States Code. . Section 1(b) of such Act is amended by adding at the end the following new items: TITLE IX—Student protection and debt relief Sec. 901. Definitions. Sec. 902. Continual monitoring by student loan servicers of status of servicemembers. Sec. 903. Requirement that student loan servicers explain denials of benefits and provide instruction for appeals process. Sec. 904. Notification of transfer or sale of student loans. Sec. 905. Forgiveness of student debt of servicemembers. .
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 101
Student protection and debt relief
Cites 1Cited by 0 across 0 sources