,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #dfdc  ,,in ,,the ,,house ,,of  
,,representatives  ,may #i1 #bjad ,mr4  
,larsen of ,washington 7for himself1    
,ms4 ,norton1 ,ms4 ,tsongas1 ,ms4       
,del,bene1 ,mr4 ,pierluisi1 ,mr4 ,heck  
of ,washington1 ,mr4 ,carson of         
,indiana1 ,mr4 ,enyart1 ,mr4 ,welch1 and
 ,mr4 ,moran7 introduced the following  
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,truth in ,lending
 ,act to establish requirements for     
releasing a cosigner from obligations of
 a private education loan1 for the      
treatment of the loan upon the death or 
bankruptcy of a cosigner of the loan1   
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,bereaved ,borrowers' ,bill of ,rights  
,act of #bjad4  #b4 ,requirements for   
private educational lenders ,section    
#adj of such ,act is further amended by 
adding at the end the following new     
subsection3  7g7 ,requirements regarding

 cosigners for a private education loan 
7#a7 ,cosigner release requirements ,if 
a private education loan has a cosigner 
who is jointly liable for such loan1 a  
private educational lender shall include
 a process for releasing the cosigner   
from any obligations on the loan and in 
such process the lender--  7,a7 shall   
make the criteria for obtaining the     
release clear1 transparent1 and easily  
accessible via the website of the       
private educational lender2  7,b7 shall 
notify the borrower if the borrower is  
eligible to release a cosigner2  7,c7   
shall1 if denying a request to release a
 cosigner1 provide an explanation for   
the denial and offer the borrower an    
opportunity to correct the request2 and 
7,d7 may not change the terms of the    
release to impose additional duties on  
the borrower or cosigner over the       
duration of the private education loan4 
7#b7 ,additional requirements           
,notwithstanding any provision in a     
private education loan agreement that   

contains a process for releasing a      
cosigner from obligations on the loan1 a
 private educational lender shall1 upon 
receiving notification of the death or  
bankruptcy of a cosigner--  7,a7 notify 
the borrower about the borrower's rights
 under the private education loan       
agreement regarding the release of the  
cosigner2 and  7,b7 if the borrower     
continues to make on-time payments 7in  
the amount determined prior to the death
 or bankruptcy of the cosigner7 on the  
private education loan1 provide a period
 of time of not less than #ij days for  
the borrower to follow the process for  
release of the cosigner before deeming  
the borrower to be in default1 changing 
the terms of the loan1 accelerating the 
repayment terms of the loan1 or         
notifying consumer reporting agencies   
7as defined in section #fjc7;f77 of a   
change in the status of the loan4  7#c7 
,requirements in case of death or       
bankruptcy of a cosigner                
,notwithstanding any provision in a     

private education loan agreement1 a     
private educational lender shall1 upon  
receiving notification of the death or  
bankruptcy of a cosigner who is jointly 
liable for the private education loan-- 
7,a7 notify the borrower about the      
borrower's rights under the private     
education loan agreement regarding      
identifying a new cosigner or           
refinancing the loan2 and  7,b7 if the  
borrower continues to make on-time      
payments 7in the amount determined prior
 to the death or bankruptcy of the      
cosigner7 on the private education loan1
 provide a period of time of not less   
than #ij days for a borrower to identify
 a new cosigner or refinance the loan   
before deeming the borrower to be in    
default1 changing the terms of the loan1
 accelerating the repayment terms of the
 loan1 or notifying consumer reporting  
agencies 7as defined in section         
#fjc7;f77 of a change in the status of  
the loan4  4  #c4 ,prohibitions for     
consumer reporting agencies and         

furnishers of information to consumer   
reporting agencies related to private   
education loans  7a7 ,prohibition for   
consumer reporting agencies ,subsection 
7a7 of section #fje of the ,fair ,credit
 ,reporting ,act 7#ae ,u4,s4,c4         
#afha;c7a77 is amended by adding at the 
end the following new paragraph3  7#g7  
,default on a private education loan 7as
 defined in section #adj7;a77 resulting 
from accelerated repayment terms of the 
loan after the death or bankruptcy of a 
cosigner who is jointly liable for the  
loan4  4  7b7 ,prohibition for          
furnishers of information to consumer   
reporting agencies ,paragraph 7#a7 of   
section #fbc7;a7 of such ,act is amended
 by adding the following new            
subparagraph3  7,e7 ,reporting          
information on private education loans  
,a private educational lender 7as       
defined in section #adj7;a77 or the     
servicer of a private education loan 7as
 defined in such section7 shall not     
furnish any information relating to the 

loan to any consumer reporting agency if
 the consumer defaulted on the loan due 
to accelerated repayment terms of the   
loan after the death or bankruptcy of a 
cosigner who is jointly liable for the  
loan4  4