Sec. 304. Advertising of income share agreements
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/bill/118/s/136/is/section-304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The restrictions on advertising of income share agreements shall be consistent with the restrictions placed on advertisements related to extensions of consumer credit as set forth in chapter 3 of the Truth in Lending Act ( 15 U.S.C. 1661 et seq. ). The Truth in Lending Act ( 15 U.S.C. 1601 et seq. ) is amended— in section 103(f) ( 15 U.S.C. 1602(f) )— by striking means the and inserting means— the ; in paragraph (1), as so designated, by striking the period at the end and inserting ; and ; and by adding at the end the following: for purposes of chapter 3, shall include an income share agreement, as defined in section 2 of the ISA Student Protection Act of 2023 . ; in section 142 ( 15 U.S.C. 1662 )— in the matter preceding paragraph (1), by striking state and inserting state— ; in paragraph (1), by striking the period at the end and inserting a semicolon; in paragraph (2), by striking the period at the end and inserting ; and ; and by adding at the end the following: with respect to an income share agreement (as defined in section 2 of the ISA Student Protection Act of 2023 ), that a specific ISA payment calculation method, ISA duration, ISA maximum number of payments, or income threshold (as those terms are defined in such section 2) can be arranged unless the ISA provider (as defined in such section 2) usually and customarily arranges income share agreements pursuant to the terms so advertised. ; and in section 144 ( 15 U.S.C. 1664 ), by adding at the end the following:
In this subsection, the terms income share agreement , income threshold , ISA duration , ISA maximum number of payments , and ISA payment calculation method have the meanings given those terms in section 2 of the ISA Student Protection Act of 2023 . This subsection shall apply to any advertisement to aid, promote, or assist directly or indirectly any income share agreement subject to the provisions of this chapter. If any advertisement to which this section applies states the ISA payment calculation method, ISA duration, ISA maximum number of payments, income threshold, or amounts of payments under an income share agreement, the advertisement shall include the following:
The ISA payment calculation method. The ISA duration. The ISA maximum number of payments. The income threshold. .
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Sec. 304
Advertising of income share agreements
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