Sec. 1001. Temporary relief for private student loan borrowers
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/bill/117/hr/2547/eh/section-1001A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A servicer of a private education loan shall not report an adverse item of information relating to the nonpayment of a private education loan that occurred during the covered period. During the covered period, a consumer reporting agency— may not make a consumer report containing adverse information relating to the nonpayment of a private education loan by a covered borrower; and shall promptly remove, in a period of time as determined by the Director of the Consumer Financial Protection Bureau, from a consumer report any such adverse information reported during the covered period.
The Director of the Consumer Financial Protection Bureau may issue guidance or rules to implement this section, including— requiring any notifications and other requirements that may be necessary to carry out this section; and ensuring a covered borrower is aware of their rights under this section relating to the exclusion or removal of any relevant adverse information the consumer report of the consumer. This section shall take effect 30 days after the date of the enactment of this Act.
In this section: The term covered borrower means a borrower of a private education loan. The term covered period means the period beginning on March 13, 2020 (the date the President declared the emergency under section 501 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID–19) pandemic) and ending on the date that is 30 days after the end of the incident period for such emergency. The terms consumer report and consumer reporting agency have the meanings given, respectively, in section 603 of the Fair Credit Reporting Act ( 15 U.S.C. 1681a ).
The term private education loan has the meaning given the term in section 140 of the Truth in Lending Act ( 15 U.S.C. 1650 ).
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