,,ii  #aadth ,,congress  #ast ,session  
,s4 #achd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ai1      
#bjae,mr4 ,schumer introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,health1 
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to amend the ,truth in ,lending
 ,act to provide for the discharge of   
student loan obligations upon the death 
of the student borrower1 and for other  
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,andrew ,prior ,act 
or ,andrew's ,law4  #b4 ,discharge of   
private student loans ,section #abh7;e7 
of the ,truth in ,lending ,act 7#ae     
,u4,s4,c4 #afch7;e77 is hereby amended  
by adding at the end the following3     
7#ab7 ,discharge of private educational 
loans in the event of the death of the  
borrower  7,a7 ,definitions ,as used in 
this paragraph--  7i7 the term          
cosigner--  7,i7 means any individual   
who is liable for the obligation of     
another without compensation1 regardless

 of how designated in the contract or   
instrument relating to the obligation2  
7,,ii7 includes any person whose        
signature is requested as a condition to
 grant credit or to forbear on          
collection2 and  7,,iii7 does not       
include a spouse of an individual       
referred to in subclause 7,i7 whose     
signature is needed to perfect the      
security interest in the loan2  7ii7 the
 term private educational lender has the
 same meaning as in section #adj2 and   
7iii7 the term private education loan   
has the same meaning as in section #adj4
  7,b7 ,private educational loans       
discharged ,in the event of the death of
 a borrower of a private educational    
loan1 neither the estate of the borrower
 nor any cosigner of such private       
educational loan shall be obligated to  
repay the outstanding principle or      
interest on the loan4  7,c7 ,limitations
 ,the ,bureau--  7i7 shall develop such 
safeguards as may be necessary and      
appropriate to prevent fraud and abuse  

in the discharge of liability under this
 subsection2 and  7ii7 notwithstanding  
any other provision of this subsection1 
may promulgate regulations to reinstate 
the obligation of loans discharged under
 this subsection in any case in which   
the ,secretary determines necessary to  
protect the public interest4  4  #c4    
,regulations ,the ,bureau of ,consumer  
,financial ,protection may issue such   
regulations as may be necessary and     
appropriate to carry out this ,act4