Sec. 4. Rehabilitation of private education loans
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Section 623(a)(1)(E) of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2(a)(1)(E) ) is amended to read as follows: If a borrower of a private education loan rehabilitates such loan in accordance with section 128(e)(23) of the Truth in Lending Act ( 15 U.S.C. 1638(e)(23) ), the private educational lender or entity engaged in servicing such loan shall request that any consumer reporting agency to which the charge-off was reported remove the delinquency that led to the charge-off and the charge-off from the borrower’s credit history.
If a private educational lender is supervised by a Federal banking agency, the private educational lender shall seek written approval from the Federal banking agency that the terms and conditions of the loan rehabilitation program of the lender meet the requirements of section 128(e)(23) of the Truth in Lending Act ( 15 U.S.C. 1638(e)(23) ). An appropriate Federal banking agency shall provide feedback to a private educational lender within 120 days of a request for approval under subclause (I).
For purposes of this subparagraph— the term appropriate Federal banking agency has the meaning given the term in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); and the term private education loan has the meaning given the term in section 140(a) of the Truth in Lending Act ( 15 U.S.C. 1650(a) ). .
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- 15 USC 1681s–2(a)(1)(E)
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Sec. 4
Rehabilitation of private education loans
Cite15 USC 1681s–2(a)(1)(E)
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