,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #ahaj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,m>* #ah1 #bjai ,mr4  
,gre5 ( ,t5nessee 7= himself & ,mr4     
,gonzalez ( ,texas7 introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,ways & ,means1          
,education & ,labor1 ,arm$ ,s]vices1 &  
,vet]ans' ,affairs1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to provide ! legal 
framework & income tax treatm5t necess>y
 = ! gr[? ( innovative private f9anc+   
options1 & = o!r purposes4  #a4 ,%ort   
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,kids to      
,college ,act4  7b7 ,table ( cont5ts ,! 
table ( cont5ts = ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title2 table ( cont5ts4 
,sec4 #b4 ,def9itions4 ,title ,i--,tax  
,treatm5t ( ,income-,%>e ,agreem5ts     
,sec4 #aja4 ,tax treatm5t ( proce$s &   

paym5ts ( future income4 ,sec4 #ajb4    
,t]ms & conditions ( income-%>e agreem5t
 contracts4 ,sec4 #ajc4 ,rulemak+2 model
 disclosure =ms4 ,sec4 #ajd4 ,tru? 9    
,l5d+ ,act4 ,sec4 #aje4 ,cons5t to      
cont9u+ release ( taxpay] in=mation "u  
income %>e agreem5t4 ,title             
,,ii--,treatm5t ( ,income-,%>e          
,agreem5ts ,"u ,/ate ,law ,sec4 #bja4   
,lawfulness ( contracts2 preemption (   
,/ate law4 ,sec4 #bjb4 ,preemption (    
,/ate law ) respect to usury4 ,sec4     
#bjc4 ,preemption ( pre-exi/+ ,/ate laws
 ) respect to ability-to-repay & lic5s+ 
laws4 ,title ,,iii--,qualifi$ ,education
 ,loan ,sec4 #cja4 ,qualifi$ education  
loan4 ,title ,,iv--,f$]al ,individual   
,assi/ance ,treatm5t ( ,income-,%>e     
,agreem5ts ,sec4 #dja4 ,proce$s n treat$
 z income 9 calculation ( f9ancial ne$  
"u ! ,high] ,education ,act ( #aife4    
,title ,v--,treatm5t ,"u ,securities    
,laws ,sec4 #eja4 ,income-%>e agreem5ts 
n treat$ z securities4 ,sec4 #ejb4      
,bus9esses mak+ income-%>e agreem5ts    

exclud$ f inve/m5t company treatm5t4    
,title ,,vi--,treatm5t "u ,f$]al consum]
 f9ance laws ,sec4 #fja4 ,income-%>e    
agreem5t anti-discrim9ation protections4
 ,sec4 #fjb4 ,prohibition on requir+    
preau?oriz$ electronic fund transf]s4   
,sec4 #fjc4 ,treatm5t "u ! ,fair ,cr$it 
,report+ ,act4 ,sec4 #fjd4 ,application 
( ! ,milit>y ,l5d+ ,act4 ,sec4 #fje4    
,application ( ! ,s]vicememb]s ,civil   
,relief ,act4 ,sec4 #fjf4 ,rulemak+4    
,title ,,vii--,treatm5t "u o!r laws     
,sec4 #gja4 ,insurance & wag]+4 ,sec4   
#gjb4 ,paym5ts n consid]$ prepaym5ts4   
#b4 ,def9itions ,= purposes ( ?is ,act3 
7#a7 ,comp>able loan ,! t]m comp>able   
loan means1 ) respect to an income-%>e  
agreem5t1 a loan t--  7,a7 has an       
orig9al pr9cipal am\nt su* t1 aft] any  
orig9ation fees on ! loan are paid1 !   
am\nt ( loan f9anc+ receiv$ by !        
individual is equal to ! total am\nt (  
fund+ provid$ "u ! income-%>e agreem5t  
to or on behalf ( ! individual subject  
to ! agreem5t2  7,b7 has ! same t]m to  

maturity z ! duration ( ! income-%>e    
agreem5t2 &  7,c7 is fully amortiz$ ov] 
su* t]m ) mon?ly paym5ts ( pr9cipal &   
int]e/4  7#b7 ,income-%>e agreem5t ,!   
t]m income-%>e agreem5t means an        
agreem5t--  7,a7 betwe5 an individual & 
an ,,isa fund]2  7,b7 :i* meets !       
requirem5ts ( section #ajb2 &  7,c7 "u  
:i*-- 7i7 ! ,,isa fund] pays am\nts to1 
or on behalf (1 su* individual = co/s   
associat$ ) a po/second>y tra9+ program1
 or any o!r program design$ to increase 
! individual's human capital1           
employability1 or e>n+ pot5tial 7& n    
limit$ to programs eligible to          
p>ticipate 9 programs "u title ,,iv ( ! 
,high] ,education ,act ( #aife71 z well 
z any p]sonal exp5ses 7su* z books1     
supplies1 transportation1 & liv+ co/s7  
incurr$ by ! individual :ile enroll$ 9  
su* a program1 or = ! ref9anc+ ( debt   
us$ = ^! purposes 7h]e9aft] 9 ?is ,act  
ref]r$ to z income-%>e fund+72 &  7ii7  
su* individual pays to su* ,,isa fund]  
7or ! ,,isa fund]'s successor 9 int]e/7 

am\nts equal to a specifi$ p]c5tage ( ! 
individual's future income1 = a def9$   
t]m 7h]e9aft] 9 ?is ,act ref]r$ to z    
income-%>e paym5ts74  7#c7 ,,isa fund]  
,) respect to an income-%>e agreem5t1 ! 
t]m ,,isa fund] means ! p>ty to su*     
agreem5t :o--  7,a7 pays am\nts to1 or  
on behalf (1 an individual solely = !   
purposes specifi$ 9 p>agraph            
7#b77;,c77i72 &  7,b7 has ! "r to       
receive a specifi$ p]c5tage ( !         
individual's future income4  7#d7       
,qualifi$ ,,isa ,! t]m ,qualifi$ ,,isa  
means an income-%>e agreem5t t complies 
) ! foll[+3 7,a7 ,af=dability = l[      
aft]-s*ool income ,! income-%>e agreem5t
 provides t :5 an individual subject to 
! agreem5t has an income t is equal to  
or bel[ ! am\nt t is #aej p]c5t ( !     
pov]ty l9e = a s+le p]son 7z def9$ 9    
section #fgc ( ! ,community ,s]vices    
,block ,grant ,act 7#db ,u4,s4,c4       
#iijb771 ! p]c5tage ( income obligation 
= ! individual is z]o4 ,! prec$+ s5t5ce 
may n be int]pret$ to preclude ! *>g+ ( 

fees or nom9al paym5ts 7z describ$ "u   
section #ajb7;a77#e77 dur+ ?is p]iod4   
7,b7 ,limit on p]c5tage ( income ,!     
maximum p]c5tage ( income an individual 
w\ld be requir$ to pay "u ! agreem5t    
does n exce$ #bj p]c5t1 & ! product (   
su* p]c5tage & ! numb] ( ye>s ( !       
agreem5t does n exce$ #b4be 7:i* figure 
is ! product ( #g4e p]c5t & ! numb] (   
ye>s 9 ! longe/ all[able contract "u    
section #ajb7;a77#c774  7,c7            
,appropriate risk %>+ ,! paym5ts requir$
 "u su* agreem5t = an individual )      
income dur+ ! paym5t t]m equal to #age  
p]c5t ( ! pov]ty l9e = a s+le p]son 7z  
def9$ 9 section #fgc ( ! ,community     
,s]vices ,block ,grant ,act 7#db        
,u4,s4,c4 #iijb77 w\ld n exce$ ! paym5ts
 on a comp>able loan t be>s int]e/ at a 
rate equal to ! annual p]c5tage rate (  
int]e/ limitation "u section #ihg7;b7 ( 
title #aj1 ,unit$ ,/ates ,code4  7#e7   
,/ate ,! t]m ,/ate means ! sev]al ,/ates
 ( ! ,union1 ! ,commonweal? ( ,pu]to    
,rico1 ! ,di/rict ( ,columbia1 ,guam1   

,am]ican ,samoa1 ! ,virg9 ,isl&s1 !     
,gov]nm5t ( ! ,nor!rn ,m>iana ,isl&s1 & 
! ,tru/ ,t]ritory ( ! ,pacific ,isl&s4  
7#f7 ,/ate law ,! t]m ,/ate law means   
any law1 decision1 rule1 regulation1 or 
o!r action hav+ ! effect ( a law ( any  
,/ate or any political subdivision ( a  
,/ate1 or any ag5cy or in/rum5tality ( a
 ,/ate or political subdivision ( a     
,/ate1 except t a law ( ! ,unit$ ,/ates 
applicable only to ! ,di/rict (         
,columbia %all be treat$ z a ,/ate law  
7r ?an a law ( ! ,unit$ ,/ates74  ,i    
,tax ,treatm5t ( ,income-,%>e ,agreem5ts
  #aja4 ,tax treatm5t ( proce$s &       
paym5ts ( future income ,= purposes ( ! 
,int]nal ,rev5ue ,code ( #aihf-- 7#a7   
,fund+ exclud$ f gross income ,9 ! case 
( an individual1 gross income %all n    
include ! am\nt ( any income-%>e fund+  
:i* is paid to or on behalf ( su*       
individual "u an income-%>e agreem5t4   
7#b7 ,diff]5ce 9 repaym5t n includ$ z   
gross income ,9 ! case ( an income-%>e  
agreem5t "u :i* ! income-%>e fund+      

exce$s ! total income-%>e paym5ts 79 any
 p]iod ov] ! life ( ! contract71 !      
individual's gross income %all n include
 ! am\nt ( su* excess4  7#c7 ,treatm5t (
 paym5ts ( future income ,! am\nt ( any 
income-%>e paym5ts "u an income-%>e     
agreem5t %all be treat$--  7,a7 fir/1 ) 
respect to s mu* ( su* am\nt z does n   
exce$ ! income-%>e fund+ "u su*         
agreem5t1 z a recov]y ( inve/m5t 7) a   
correspond+ r$uction 9 basis7 9 !       
contract2 &  7,b7 second1 z income on ! 
contract :i* is includible 9 gross      
income4  #ajb4 ,t]ms & conditions (     
income-%>e agreem5t contracts  7a7 ,t]ms
 & conditions ,an income-%>e agreem5t   
%all n be treat$ z meet+ ! requirem5ts (
 ?is section unless3 7#a7 ,specifi$     
p]c5tage ( income ,! agreem5t specifies 
! p]c5tage ( future income requir$ to be
 paid4  7#b7 ,def9ition ( income ,!     
income-%>e agreem5t specifies !         
def9ition ( income to be us$ = purposes 
( calculat+ an individual's obligation  
to pay "u ! agreem5t1 :i* %all n 9 any  

case include ! income ( ! individual's  
*ildr54  7#c7 ,specifi$ duration2       
ext5sion ( p]iod  7,a7 ,duration ,!     
agreem5t specifies ! maximum p]iod ( "t 
dur+ :i* ! individual w be obligat$ to  
pay a p]c5tage ( ! individual's future  
income 7exclud+ p]iods :5 j a nom9al    
paym5t 7z describ$ "u p>agraph 7#e77 is 
requir$71 :i* may n 7except z provid$ 9 
subp>agraph 7,b77 exce$ #cfj mon?s4     
7,b7 ,ext5sion ( p]iod ,! agreem5t may  
provide = ! ext5sion ( su* p]iod by a   
numb] ( mon?s dur+ :i* ! individual's   
p]c5tage ( income obligation 7exclud+   
nom9al paym5ts & fees7 0 z]o1 ei!r      
because ( fur!r enrollm5t 9 education or
 tra9+ or ! individual's income 0 bel[ !
 level at :i* paym5ts are requir$ 9 !   
agreem5t4  7#d7 ,e>ly t]m9ation ,!      
agreem5t specifies ! t]ms & conditions  
"u :i* ! individual subject to !        
agreem5t may t]m9ate ! agreem5t4  7#e7  
,nom9al paym5ts ,! agreem5t specifies   
any nom9al mon?ly paym5t t is requir$   
dur+ p]iods :5 ! individual subject to !

 agreem5t has no p]c5tage ( income      
obligation1 except t su* nom9al mon?ly  
paym5t %all n exce$ tw5ty-five doll>s p]
 mon? 7adju/$ ea* ye> to reflect *anges 
9 ! ,consum] ,price ,index = ,all ,urban
 ,consum]s publi%$ by ! ,bureau ( ,labor
 ,/ati/ics ( ! ,dep>tm5t ( ,labor = !   
mo/ rec5t #ab-mon? p]iod = :i* ! data   
are available74  7b7 ,requir$           
disclosures ,an income-%>e agreem5t does
 n comply ) ! requirem5ts ( ?is section 
unless ! individual :o is committ+ "u ! 
agreem5t to pay future income is        
provid$1 be=e ent]+ into su* agreem5t1 a
 writt5 docum5t t cle>ly & simply       
discloses--  7#a7 t ! agreem5t is n a   
debt in/rum5t1 & t ! am\nt ! individual 
w be requir$ to pay "u ! agreem5t-- 7,a7
 may be m or less ?an ! am\nt provid$ to
 ! individual pursuant to ! agreem5t2 & 
7,b7 w v>y 9 proportion to !            
individual's future income2  7#b7 t !   
obligations ( ! individual "u ! agreem5t
 are n dis*>geable "u bankruptcy law1   
except 9 a case t w\ld impose an undue  

h>d%ip on ! debtor & ! debtor's         
dep5d5ts2  7#c7 :e!r ! obligations ( !  
individual "u ! agreem5t may be ext+ui%$
 ?r\gh prepaym5t &1 if s1 "u :at t]ms2  
7#d7 ! duration ( ! individual's        
obligations "u ! agreem5t 7abs5t su*    
prepaym5ts71 includ+ any circum/ances "u
 :i* ! duration ( ! agreem5t w\ld be    
ext5d$ or dis*>g$2  7#e7 ! p]c5tage (   
income ! individual is committ+ to pay  
"u ! agreem5t1 includ+ :e!r ! p]c5tage (
 income is fix$ or v>iable "u !         
agreem5t1 & ! m9imum am\nt ( annual     
income t trigg]s ! individual's         
obligation "u ! agreem5t to make paym5ts
 = su* ye>2  7#f7 ! def9ition ( income  
to be us$ = purposes ( calculat+ !      
individual's obligation "u ! agreem5t2  
7#g7 a comp>ison (-- 7,a7 ! am\nts an   
individual w\ld be requir$ to pay "u !  
income-%>e agreem5t at a range ( annual 
income levels1 :i* income levels %all   
correspond to ! levels ! individual     
might reasonably be expect$ to make giv5
 ! int5d$ use ( ! funds provid$ "u !    

agreem5t1 z det]m9$ 9 accordance )      
guidance issu$ by ! ,director ( !       
,bureau ( ,consum] ,f9ancial            
,protection2 to  7,b7 ! am\nts requir$  
to be paid "u "o or m comp>able loans1  
includ+ a loan at an int]e/ rate det]m9$
 by ! ,director ( ! ,bureau ( ,consum]  
,f9ancial ,protection to be an          
approximation ( ! int]e/ rate available 
to /ud5t loan borr[]s 9 ! private       
m>ketplace &1 :]e applicable1 a ,f$]al  
,/af=d loan2  7#h7 income v]ification   
docum5tation1 includ+ p]sonal tax       
records submitt$ to ! ,int]nal ,rev5ue  
,s]vice1 t ! individual may be requir$  
to provide "u ! agreem5t2  7#i7 int5t to
 conduct annual reconciliation relat+ to
 obligations ow$ by ! individual "u !   
agreem5t2 &  7#aj7 any nom9al paym5ts   
requir$ "u ! agreem5t4  7c7             
,non-,int]f]5ce ,an income-%>e agreem5t 
repres5ts an obligation by ! individual 
pay ! specific p]c5tage ( future income1
 b %all n be con/ru$ to give ! contract 
hold] any rights ov] an individual's    

actions4  7d7 ,effect ( failure ,to     
provide docum5tation  7#a7 ,9 g5]al     
,abs5t income docum5tation f an         
individual "u an income-%>e agreem5t1 ! 
,,isa fund] ( su* agreem5t 7or ! fund]'s
 successor 9 int]e/7 may assume a c]ta9 
income level = ! individual1 up to !    
level t w\ld create an obligation equal 
to ! maximum paym5t am\nt "u ! agreem5t4
  7#b7 ,treatm5t "u ,/ate law ,any      
obligation result+ f an assum$ income   
level "u p>agraph 7#a7 %all n be        
consid]$ to be impos+ an unlawful fee "u
 a ,/ate law unless su* ,/ate law 0     
issu$ aft] ! date ( ! enactm5t ( ?is    
,act & su* ,/ate law expressly /ates t x
 is int5d$ to apply to income-%>e       
agreem5ts4  7#c7 ,v]ification ( income  
,if an individual supplies an ,,isa     
fund] 7or its successor 9 int]e/7 ) _!  
income v]ification in=mation )9 #ahj    
days ( ! ,,isa fund] 7or its successor 9
 int]e/7 assum+ an income level = su*   
individual "u p>agraph 7#a71 !          
individual %all be entitl$ to h any     

paym5ts t 7 made 9 excess ( _! actual   
obligation "u ! contract ei!r refund$ to
 !m or cr$it$ to future obligations "u !
 contract4  #ajc4 ,rulemak+2 model      
disclosure =ms  7a7 ,no ,bureau g5]al   
rulemak+ au?ority ,except z provid$ "u  
subsection 7b7 & section #ajb7;b77#g71 !
 ,director ( ! ,bureau ( ,consum]       
,f9ancial ,protection may n issue       
regulations "u ?is title4  7b7 ,model   
disclosure =ms  7#a7 ,9 g5]al ,n lat]   
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,director ( ! ,bureau (    
,consum] ,f9ancial ,protection1 aft]    
engag+ 9 appropriate consum] te/+ ( su* 
=ms1 %all promulgate a model disclosure 
=m = ! disclosures requir$ "u section   
#ajb7;b74  7#b7 ,safe h>bor ,any p]son  
:o uses ! model disclosure =m promulgat$
 pursuant to p>agraph 7#a7 & includes   
accurate in=mation requir$ "u section   
#ajb7;b7 %all be deem$ to be 9          
compliance ) ! disclosure requirem5ts "u
 section #ajb7;b74  #ajd4 ,tru? 9 ,l5d+ 
,act ,any income-%>e agreem5t t complies

 ) ! disclosure requirem5ts ( section   
#ajb7;b7 %all be deem$ to be 9          
compliance ) ! ,tru? 9 ,l5d+ ,act4      
#aje4 ,cons5t to cont9u+ release (      
taxpay] in=mation "u income %>e agreem5t
 ,! ,secret>y ( ! ,treasury %all modify 
,treasury ,regulations & guidance to    
provide = cont9u+ cons5t to disclosure (
 an individual's return in=mation to an 
,,isa fund] 7or ! fund]'s successor 9   
int]e/7 "u an income-%>e agreem5t1 b    
only = p]iods relevant to1 & only to !  
ext5t ! ,secret>y det]m9es is necess>y &
 appropriate 9 c>ry+ out ! t]ms (1 su*  
agreem5t4  ,,ii ,treatm5t ( ,income-,%>e
 ,agreem5ts ,"u ,/ate ,law  #bja4       
,lawfulness ( contracts2 preemption (   
,/ate law ,any income-%>e agreem5t t    
complies ) ! requirem5ts ( section #ajb 
%all be a valid1 b9d+1 & en=ceable      
contract not)/&+ any ,/ate law limit+ or
 o!rwise regulat+ assignm5ts ( future   
wages or o!r income4  #bjb4 ,preemption 
( ,/ate law ) respect to usury ,a       
,qualifi$ ,,isa %all n be subject to    

,/ate law ) respect to usury1 unless su*
 ,/ate law 0 issu$ aft] ! date ( !      
enactm5t ( ?is ,act & su* ,/ate law     
expressly /ates t x is int5d$ to apply  
to income-%>e agreem5ts4  #bjc4         
,preemption ( pre-exi/+ ,/ate laws )    
respect to ability-to-repay & lic5s+    
laws ,a ,qualifi$ ,,isa %all n be       
subject to a ,/ate law ) respect to     
ability-to-repay requirem5ts1 & an ,,isa
 fund] issu+ a ,qualifi$ ,,isa %all n be
 subject to any ,/ate law ) respect to  
lic5s+ or regi/ration1 unless su* ,/ate 
law 0 issu$ aft] ! date ( ! enactm5t (  
?is ,act & su* ,/ate law expressly /ates
 t x is int5d$ to apply to income-%>e   
agreem5ts4  ,,iii ,qualifi$ ,education  
,loan  #cja4 ,qualifi$ education loan   
7a7 ,9 g5]al ,p>agraph 7#a7 ( section   
#bba7;d7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end !       
foll[+3 ,su* t]m includes any income-%>e
 agreem5t 7z su* t]m is def9$ 9 section 
#b ( ! ,help ,our ,graduates ,act7 t    
complies ) ! requirem5ts ( section #ajb 

( su* ,act1 except t paym5ts made by !  
taxpay] dur+ ! taxable ye> to meet an   
income-%>e agreem5t obligation %all n be
 tak5 into acc\nt "u subsection 7a744   
7b7 ,in=mation report+ n requir$        
,subsection 7e7 ( section #fjej,s ( su* 
,code is am5d$ by ins]t+ 7)\t reg>d to !
 la/ s5t5ce !re(7 aft] section          
#bba7;d77#a74  ,,iv ,f$]al ,individual  
,assi/ance ,treatm5t ( ,income-,%>e     
,agreem5ts  #dja4 ,proce$s n treat$ z   
income 9 calculation ( f9ancial ne$ "u !
 ,high] ,education ,act ( #aife ,no     
portion ( any am\nts receiv$ by an      
individual = ent]+ into an income-%>e   
agreem5t t complies ) ! requirem5ts (   
section #ajb ( ?is ,act %all be includ$ 
z income or assets 9 ! computation (    
expect$ family contribution = any       
program fund$ 9 :ole or 9 "p "u ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajja et seq474  ,v ,treatm5t ,"u       
,securities ,laws  #eja4 ,income-%>e    
agreem5ts n treat$ z securities ,an     
income-%>e agreem5t %all n be treat$ z a

 security = purposes ( ! securities laws
 7z def9$ 9 section #c7;a7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a7771 any simil> ,/ate  
law1 or any ,/ate law t directly or     
indirectly prohibits1 limits1 or imposes
 conditions1 bas$ on ! m]its ( an (f]+  
or issu] ( securities1 ^u ! (f] or sale 
( any security4 ,no?+ 9 ! prec$+ s5t5ce 
%all be con/ru$ to prev5t an in/rum5t t 
is collat]aliz$ by1 or s]vic$ by ! ca%  
fl[s (1 an income-%>e agreem5t f be+    
treat$ z a security = purposes ( any law
 describ$ 9 su* s5t5ce4  #ejb4          
,bus9esses mak+ income-%>e agreem5ts    
exclud$ f inve/m5t company treatm5t     
,section #c7;c7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#c7;c77 is am5d$-- 7#a7 9 p>agraph
 7#d71 by ins]t+ aft] indu/rial bank+1 !
 foll[+3 income-%>e agreem5ts 7z def9$ 9
 section #b ( ! ,help ,our ,graduates   
,act712 &  7#b7 9 p>agraph 7#e7-- 7,a7  
by ins]t+ 1 includ+ pur*as+ or o!rwise  
acquir+ income-%>e agreem5ts 7z def9$ 9 

section #b ( ! ,help ,our ,graduates    
,act7 aft] s]vices ! fir/ place x       
appe>s2 &  7,b7 by ins]t+ 1 includ+ mak+
 income-%>e agreem5ts 7z s def9$7 aft]  
s]vices ! second place x appe>s4  ,,vi  
,treatm5t ,"u ,f$]al ,consum] ,f9ance   
,laws  #fja4 ,income-%>e agreem5t       
anti-discrim9ation protections ,section 
#gjb ( ! ,equal ,cr$it ,opportunity ,act
 7#ae ,u4,s4,c4 #afia;a7 is am5d$--     
7#a7 9 subsection 7d71 by ins]t+ be=e ! 
p]iod ! foll[+3 1 or ! "r grant$ "u an  
income-%>e agreem5t 7z def9$ 9 section  
#b ( ! ,help ,our ,graduates ,act72 &   
7#b7 9 subsection 7e7--  7,a7 by /rik+  
or any assignee & ins]t+ any assignee2 &
  7,b7 by ins]t+ be=e ! p]iod ! foll[+3 
2 or any p]son :o regul>ly ext5ds1      
r5ews1 or cont9ues fund+ "u an          
income-%>e agreem5t 7z def9$ 9 section  
#b ( ! ,help ,our ,graduates ,act74     
#fjb4 ,prohibition on requir+           
preau?oriz$ electronic fund transf]s    
,section #iac7a7 ( ! ,electronic ,fund  
,transf] ,act 7#ae ,u4,s4,c4 #afick7#a77

 is am5d$ by ins]t+ aft] a consum] !    
foll[+3 or ! ent]+ into ( an income-%>e 
agreem5t 7z def9$ 9 section #b ( ! ,help
 ,our ,graduates ,act7 ) a consum]4     
#fjc4 ,treatm5t "u ! ,fair ,cr$it       
,report+ ,act ,section #fje ( ! ,fair   
,cr$it ,report+ ,act 7#ae ,u4,s4,c4     
#afha;c7 is am5d$ by add+ at ! end !    
foll[+3  7i7 ,income-,%>e agreem5t      
in=mation ,) respect to an income-%>e   
agreem5t 7z def9$ 9 section #b ( ! ,help
 ,our ,graduates ,act71 a consum] report
 made by a consum] report+ ag5cy-- 7#a7 
may include a description ( ! contract  
t]ms ( ! income-%>e agreem5t &1 subject 
to subsection 7a71 in=mation ) respect  
to am\nts t are ow$ "u su* agreem5t2 &  
7#b7 may n include any speculation ab\t 
future am\nts t may be ow$ "u !         
income-%>e agreem5t4  4  #fjd4          
,application ( ! ,milit>y ,l5d+ ,act    
,section #ihg ( title #aj1 ,unit$ ,/ates
 ,code1 is am5d$--  7#a7 by r$esignat+  
subsection 7i7 z subsection 7j72 &  7#b7
 by ins]t+ aft] subsection 7h7 ! foll[+3

  7i7 ,treatm5t ( income-,%>e agreem5ts 
,! ,secret>y ( ,def5se %all issue       
regulations to apply ?is section to     
income-%>e agreem5ts 7z def9$ 9 section 
#b ( ! ,help ,our ,graduates ,act71 & an
 income-%>e agreem5t %all be deem$ to   
meet ! annual p]c5tage rate ( int]e/    
limitation "u subsection 7b7 if su*     
agreem5t w\ld meet ! requirem5ts (      
section #b7d77;,c7 ( ! ,kids to ,college
 ,act 7relat$ to appropriate risk %>+7 b
 ) ref]5ce to ! rate specifi$ 9         
subsection 7b74  4  #fje4 ,application (
 ! ,s]vicememb]s ,civil ,relief ,act    
,section #bjg ( ! ,s]vicememb]s ,civil  
,relief ,act 7#ej ,u4,s4,c4 #cicg7 is   
am5d$ by add+ at ! end ! foll[+3  7f7   
,treatm5t ( income-,%>e agreem5ts ,!    
,secret>y ( ,def5se %all issue          
regulations to apply ?is section to     
income-%>e agreem5ts 7z def9$ 9 section 
#b ( ! ,help ,our ,graduates ,act71     
specifically by /at+ t an income-%>e    
agreem5t %all be consid]$ to h met !    
requirem5ts ( ?is section if ! agreem5t 

w\ld meet ! requirem5ts ( section       
#b7d77;,c7 ( ! ,kids to ,college ,act   
7relat+ to appropriate risk %>+7 b )    
ref]5ce to ! rate specifi$ 9 subsection 
7a77#a74  4  #fjf4 ,rulemak+ ,n lat] ?an
 #ahj days aft] ! date ( enactm5t ( ?is 
,act--  7#a7 ! ,director ( ! ,bureau (  
,consum] ,f9ancial ,protection %all     
issue regulations to c>ry out ! am5dm5ts
 made by section #fja & #fjb2 &  7#b7 ! 
,secret>y ( ,def5se %all issue          
regulations to c>ry out ! am5dm5t made  
by section #fjd & #fje4  ,,vii ,treatm5t
 ,"u ,o!r ,laws  #gja4 ,insurance &     
wag]+ ,income-%>e agreem5ts %all n be   
treat$ z a contract = insurance or a    
bett+ or wag]+ contract "u any ,f$]al or
 ,/ate law4  #gjb4 ,paym5ts n consid]$  
prepaym5ts ,) respect to an income-%>e  
agreem5t1 any requirem5t t an individual
 pay an am\nt great] ?an ! income-%>e   
fund+ 9 ord] to ext+ui% ! income-%>e    
agreem5t obligation e>li] ?an ! end ( ! 
t]m %all n be consid]$ a prepaym5t      
p5alty = purposes ( any ,f$]al or ,/ate 

law ) respect to prepaym5t p5alties4