US Congress House Bill 3612 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on November 21 2013 - 25% progression, died in committee
Action: 2014-01-22 - Referred to the Subcommittee on Higher Education and Workforce Training.
Pending: House Subcommittee on Higher Education and Workforce Training Committee
Text: Latest bill text (Introduced) [PDF]

Know Before You Owe Private Student Loan Act of 2013 - Amends the Truth in Lending Act to require a lender, before issuing a private education loan for a student attending an institution of higher education (IHE), to obtain the IHE's certification of: (1) the student's enrollment status, (2) the student's cost of attendance, and (3) the difference between that cost and the student's estimated financial assistance. Eliminates the requirement that such lenders obtain a self-certification form from the private education loan applicant. Allows a lender to issue such loan without a certification if there is no response from the relevant IHE within 15 business days of the lender's request for the certification. Requires private educational lenders to: (1) send loan statements to borrowers at least once every three months a student is enrolled at an IHE; (2) notify the relevant IHE, in writing, of the loan amount and the student to whom it applies no later than the date funds are issued; and (3) submit an annual report to the Bureau of Consumer Financial Protection (CFPB) containing information the CFPB requires concerning private student loans. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require IHEs, before providing lenders with certifications, to determine whether students have exhausted their options for title IV assistance and notify borrowers of: (1) the availability of such assistance, (2) their ability to choose their own private educational lender, (3) the impact of the proposed private education loan on their eligibility for other financial assistance, and (4) their right to accept or reject a private education loan within 30 days of the lender's approval of their application and to cancel the loan within 3 business days of its consummation.

Know Before You Owe Private Student Loan Act of 2013

Rep. Jared Polis [D-CO]	Rep. Timothy Bishop [D-NY]	Rep. Suzanne Bonamici [D-OR]	Rep. Madeleine Bordallo [D-GU]
Rep. Elijah Cummings [D-MD]	Rep. Allyson Schwartz [D-PA]

Date	Chamber	Action
2014-01-22	House	Referred to the Subcommittee on Higher Education and Workforce Training.
2013-11-21	House	Referred to House Financial Services
2013-11-21	House	Referred to House Education and the Workforce
2013-11-21	House	Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

SB113 (Same As) 2013-01-23 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S221-222)
SB1803 (Related) 2014-06-04 - Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3612/all-info
Text	https://www.congress.gov/113/bills/hr3612/BILLS-113hr3612ih.pdf