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Code · BILL · 116th Congress · S. 2114 (Introduced in Senate) — To provide the legal framework and income tax treatment necessary for the growth of innovative private financing opti... · Sec. 1

Sec. 1. Short title; table of contents

271 words·~1 min read·/bill/116/s/2114/is/section-1·

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

This Act may be cited as the . ISA Student Protection Act of 2019 The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definitions. TITLE I—Tax Treatment of a Qualified ISA Sec. 101. Tax treatment of proceeds and payments of future income. Sec. 102. Terms and conditions of Qualified ISAs. Sec. 103. Rulemaking; model disclosure forms. Sec. 104. Truth in Lending Act. Sec. 105. Consent to continuing release of taxpayer information under Qualified ISAs and income-share agreements.
TITLE II—Treatment of a Qualified ISA Under State Law Sec. 201. Lawfulness of contracts; preemption of State law. Sec. 202. Preemption of State law with respect to usury. Sec. 203. Preemption of pre-existing State laws with respect to ability-to-repay and licensing laws. TITLE III—Federal Individual Assistance Treatment of a Qualified ISA Sec. 301. Proceeds not treated as income in calculation of financial need under the Higher Education Act of 1965. TITLE IV—Treatment Under Securities Laws Sec. 401.
Qualified ISAs not treated as securities. Sec. 402. Businesses making Qualified ISAs excluded from investment company treatment. TITLE V—Treatment Under Federal Consumer Finance Laws Sec. 501. Qualified ISA anti-discrimination protections. Sec. 502. Prohibition on requiring preauthorized electronic fund transfers. Sec. 503. Treatment under the Fair Credit Reporting Act. Sec. 504. Application of the Fair Debt Collection Practices Act. Sec. 505. Application of the Military Lending Act.
Sec. 506. Application of the Servicemembers Civil Relief Act. Sec. 507. Rulemaking. TITLE VI—Treatment Under Other Laws Sec. 601. Insurance and wagering. Sec. 602. Payments not considered prepayments. TITLE VII—Reporting Requirement for the Bureau of Consumer Financial Protection Sec. 701. Report.
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