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Code · BILL · 116th Congress · S. 1354 (Introduced in Senate) — To require certain protections for student loan borrowers, and for other purposes. · Sec. 8

Sec. 8. Education loan ombudsman

309 words·~1 min read·/bill/116/s/1354/is/section-8

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 1035 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5535 ) is amended— in the section heading, by striking ; private in subsection (a)— by striking a Private and inserting an ; and by striking private ; in subsection (b), by striking private education student loan and inserting postsecondary education loan ; in subsection (c)— in the matter preceding paragraph (1), by striking subsection and inserting section ; in paragraph (1), by striking private ; by striking paragraph
(2)and inserting the following: coordinate with the unit of the Bureau established under section 1013(b)(3), in order to monitor complaints by borrowers and responses to those complaints by the Bureau or other appropriate Federal or State agency; ; and in paragraph (3), by striking private ; in subsection (d)— in paragraph (2)— by striking on the same day annually ; and by inserting and be made available to the public after Representatives ; and by adding at the end the following: The report required under paragraph
(1)shall include information on the number, nature, and resolution of complaints received, disaggregated by postsecondary educational lender or servicer, region, State, and institution of higher education. ; and by striking subsection
(e)and inserting the following: In this section: The term borrower means a borrower of a postsecondary education loan. The term institution of higher education has the meaning given the term in section 140 of the Truth in Lending Act ( 15 U.S.C. 1650 ). The term postsecondary education loan means— a private education loan, as defined in section 140 of the Truth in Lending Act ( 15 U.S.C. 1650 ); or a loan made, insured, or guaranteed under part B, D, or E of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1071 et seq., 1087a et seq., and 1087aa et seq.). .
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Sec. 8
Education loan ombudsman
U.S.C.§ 5535
U.S.C.§ 1650
U.S.C.§ 1071
Cites 3Cited by 0 across 0 sources
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