,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #dfdc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #i1 #bjad ,mr4   
,l>s5 ( ,wa%+ton 7= himself1 ,ms4       
,norton1 ,ms4 ,tsongas1 ,ms4 ,del,bene1 
,mr4 ,pi]luisi1 ,mr4 ,heck ( ,wa%+ton1  
,mr4 ,c>son ( ,indiana1 ,mr4 ,eny>t1    
,mr4 ,wel*1 & ,mr4 ,moran7 introduc$ !  
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,tru? 9 ,l5d+ ,act to
 e/abli% requirem5ts = releas+ a cosign]
 f obligations ( a private education    
loan1 = ! treatm5t ( ! loan ^u ! dea? or
 bankruptcy ( a cosign] ( ! loan1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,b]eav$ ,borr[]s' ,bill
 ( ,rights ,act ( #bjad4  #b4           
,requirem5ts = private educational l5d]s
 ,section #adj ( su* ,act is fur!r am5d$
 by add+ at ! end ! foll[+ new          
subsection3  7g7 ,requirem5ts reg>d+    
cosign]s = a private education loan     
7#a7 ,cosign] release requirem5ts ,if a 
private education loan has a cosign] :o 

is jo9tly liable = su* loan1 a private  
educational l5d] %all include a process 
= releas+ ! cosign] f any obligations on
 ! loan & 9 su* process ! l5d]--  7,a7  
%all make ! crit]ia = obta9+ ! release  
cle>1 transp>5t1 & easily accessible via
 ! website ( ! private educational l5d]2
  7,b7 %all notify ! borr[] if ! borr[] 
is eligible to release a cosign]2  7,c7 
%all1 if d5y+ a reque/ to release a     
cosign]1 provide an explanation = !     
d5ial & (f] ! borr[] an opportunity to  
correct ! reque/2 &  7,d7 may n *ange ! 
t]ms ( ! release to impose additional   
duties on ! borr[] or cosign] ov] !     
duration ( ! private education loan4    
7#b7 ,additional requirem5ts ,not)/&+   
any provision 9 a private education loan
 agreem5t t conta9s a process = releas+ 
a cosign] f obligations on ! loan1 a    
private educational l5d] %all1 ^u       
receiv+ notification ( ! dea? or        
bankruptcy ( a cosign]--  7,a7 notify ! 
borr[] ab\t ! borr[]'s rights "u !      
private education loan agreem5t reg>d+ !

 release ( ! cosign]2 &  7,b7 if !      
borr[] cont9ues to make on-"t paym5ts 79
 ! am\nt det]m9$ prior to ! dea? or     
bankruptcy ( ! cosign]7 on ! private    
education loan1 provide a p]iod ( "t ( n
 less ?an #ij days = ! borr[] to foll[ !
 process = release ( ! cosign] be=e     
deem+ ! borr[] to be 9 default1 *ang+ ! 
t]ms ( ! loan1 accel]at+ ! repaym5t t]ms
 ( ! loan1 or notify+ consum] report+   
ag5cies 7z def9$ 9 section #fjc7;f77 ( a
 *ange 9 ! /atus ( ! loan4  7#c7        
,requirem5ts 9 case ( dea? or bankruptcy
 ( a cosign] ,not)/&+ any provision 9 a 
private education loan agreem5t1 a      
private educational l5d] %all1 ^u       
receiv+ notification ( ! dea? or        
bankruptcy ( a cosign] :o is jo9tly     
liable = ! private education loan--     
7,a7 notify ! borr[] ab\t ! borr[]'s    
rights "u ! private education loan      
agreem5t reg>d+ id5tify+ a new cosign]  
or ref9anc+ ! loan2 &  7,b7 if ! borr[] 
cont9ues to make on-"t paym5ts 79 !     
am\nt det]m9$ prior to ! dea? or        

bankruptcy ( ! cosign]7 on ! private    
education loan1 provide a p]iod ( "t ( n
 less ?an #ij days = a borr[] to id5tify
 a new cosign] or ref9ance ! loan be=e  
deem+ ! borr[] to be 9 default1 *ang+ ! 
t]ms ( ! loan1 accel]at+ ! repaym5t t]ms
 ( ! loan1 or notify+ consum] report+   
ag5cies 7z def9$ 9 section #fjc7;f77 ( a
 *ange 9 ! /atus ( ! loan4  4  #c4      
,prohibitions = consum] report+ ag5cies 
& furni%]s ( in=mation to consum]       
report+ ag5cies relat$ to private       
education loans  7a7 ,prohibition =     
consum] report+ ag5cies ,subsection 7a7 
( section #fje ( ! ,fair ,cr$it ,report+
 ,act 7#ae ,u4,s4,c4 #afha;c7a77 is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#g7 ,default on a private   
education loan 7z def9$ 9 section       
#adj7;a77 result+ f accel]at$ repaym5t  
t]ms ( ! loan aft] ! dea? or bankruptcy 
( a cosign] :o is jo9tly liable = !     
loan4  4  7b7 ,prohibition = furni%]s ( 
in=mation to consum] report+ ag5cies    
,p>agraph 7#a7 ( section #fbc7;a7 ( su* 

,act is am5d$ by add+ ! foll[+ new      
subp>agraph3  7,e7 ,report+ in=mation on
 private education loans ,a private     
educational l5d] 7z def9$ 9 section     
#adj7;a77 or ! s]vic] ( a private       
education loan 7z def9$ 9 su* section7  
%all n furni% any in=mation relat+ to ! 
loan to any consum] report+ ag5cy if !  
consum] default$ on ! loan due to       
accel]at$ repaym5t t]ms ( ! loan aft] ! 
dea? or bankruptcy ( a cosign] :o is    
jo9tly liable = ! loan4  4