,,ii #aaith ,,congress #b;d ,session ,s4 #didc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,june #bd1 #bjbf,mr4 ,young 7for himself1 ,mr4 ,warner1 and ,mr4 ,coons7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to provide a consumer protection framework necessary to support the growth of outcomes-based student financing tools to support workforce training1 postsecondary education1 and economic development1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,outcomes-,based ,financing 7,,obf7 for ,students ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,,title ,i--,tax treatment of ,,obf products,sec4 #aja4 ,exclusion of income from discharge of indebtedness4,sec4 #ajb4 ,treatment as interest on education loan4,sec4 #ajc4 ,amounts treated as educational assistance4,sec4 #ajd4 ,treatment of amounts received by ,,obf provider4,,title ,,ii--,disclosures applicable to ,,obf products,sec4 #bja4 ,disclosures4,sec4 #bjb4 ,advertising of ,,obf products4,,title ,,iii--,consumer protections for ,,obf products,sec4 #cja4 ,consumer protections4,sec4 #cjb4 ,treatment under bankruptcy laws4,,title ,,iv--,other clarifications to support ,,obf products,sec4 #dja4 ,consent to continuing release of taxpayer information under ,,obf products4,sec4 #djb4 ,amendments to the ,higher ,education ,act of #aife4,sec4 #djc4 ,supporting outcomes-based underwriting4,sec4 #djd4 ,treatment under the ,fair ,credit ,reporting ,act4 ,i ,tax treatment of ,,obf products #aja4 ,exclusion of income from discharge of indebtedness 7a7 ,in general ,section #ajh of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7j7 ,outcomes-,based financing products ,in the case of an individual1 gross income does not include any amount which 7but for this subsection7 would be includible in gross income by reason of-- 7#a7 the discharge 7in whole or in part7 of any outcomes-based loan 7as defined in section #adj7;h7 of the ,truth in ,lending ,act71 or 7#b7 the termination or alteration 7in whole or in part7 of the individual's payment obligation under an outcomes-based payment agreement 7as so defined74 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #ajb4 ,treatment as interest on education loan 7a7 ,in general ,section #bba of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subsection3 7g7 ,outcomes-,based payment agreements ,for purposes of this section-- 7#a7 ,in general ,in the case of an individual who enters into an outcomes-based payment agreement for purposes of financing the qualified higher education expenses of the individual1 the amount described in paragraph 7#b7 shall be treated in the same manner as interest paid on a qualified education loan4 7#b7 ,amount described ,the amount described in this paragraph is an amount equal to the excess of-- 7,a7 amounts paid by the taxpayer during the taxable year under the terms of an outcomes-based payment agreement described in paragraph 7#a71 over 7,b7 the excess of-- 7i7 the amount of the financing provided to the taxpayer under the terms of such agreement1 over 7ii7 the aggregate amounts paid by the taxpayer under the terms of such agreement in all preceding taxable years4 7#c7 ,rules to apply ,rules similar to the rules of subparagraphs 7,a71 7,b71 and 7,c7 of subsection 7c77#a7 shall apply for purposes of determining whether an agreement was entered into for purposes of financing the qualified higher education expenses of an individual4 7#d7 ,outcomes-based payment agreement ,the term outcomes-based payment agreement has the meaning given such term by section #adj7;h7 of the ,truth in ,lending ,act4 4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #ajc4 ,amounts treated as educational assistance 7a7 ,in general ,subparagraph 7,b7 of section #abg7;c77#a7 of the ,internal ,revenue ,code of #aihf is amended by striking 1 and and inserting or of any obligation of the employee pursuant to an ,,obf product 7as defined in section #adj7;h7 of the ,truth in ,lending ,act7 used to finance education of the employee1 and4 7b7 ,effective date ,the amendment made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 #ajd4 ,treatment of amounts received by ,,obf provider 7a7 ,in general ,part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #aab the following new section3 #aac4 ,amounts received by outcomes-based financing provider 7a7 ,general rule ,gross income of an ,,obf provider does not include so much of amounts received by such provider from an ,,obf recipient during the taxable year as does not exceed an amount equal to the excess of-- 7#a7 the amount of the financing provided to the ,,obf recipient under the terms of an ,,obf product1 over 7#b7 the aggregate amounts received by the ,,obf provider under the terms of the product in all preceding taxable years4 7b7 ,terms ,for purposes of this section1 the terms ,,obf provider1 ,,obf recipient1 and ,,obf product have the respective meanings given such terms by section #adj7;h7 of the ,truth in ,lending ,act4 4 7b7 ,clerical amendment ,the table of sections for part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #aab the following new item3 ,sec4 #aac4 ,amounts received by outcomes-based financing provider4 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 ,,ii ,disclosures applicable to ,,obf products #bja4 ,disclosures 7a7 ,disclosure guidelines ,section #aje of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afjd7 is amended by adding at the end the following3 7j7 ,regulations related to ,,obf products ,not later than #bgj days after the date of enactment of the ,outcomes-,based ,financing 7,,obf7 for ,students ,act1 the ,bureau shall prescribe regulations to carry out the purposes of this title1 which may contain such additional requirements1 classifications1 differentiations1 or other provisions1 and may provide for such adjustments and exceptions for all or any class of transactions1 as in the judgment of the ,bureau are necessary or proper to effectuate the purposes of this title1 to prevent circumvention or evasion thereof1 or to facilitate compliance therewith4 7k7 ,model disclosure forms and clauses for ,,obf products ,not later than #bgj days after the date of enactment of the ,outcomes-,based ,financing 7,,obf7 for ,students ,act1 the ,bureau shall publish a model integrated disclosure for ,,obf products in order to facilitate compliance with the disclosure requirements of this title and aid ,,obf recipients in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures4 4 7b7 ,form of disclosure2 additional information ,section #abb7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afcb7;a77 is amended-- 7#a7 in the second sentence1 by striking ,the terms and inserting ,for a product that is not an ,,obf product1 the terms2 and 7#b7 by inserting after the second sentence ,for an ,,obf product1 the terms payment calculation method1 income threshold1 and completion mechanisms shall be disclosed more conspicuously than other terms1 data1 or information provided in connection with a transaction1 except for information relating to the identity of the creditor1 and information in the table referenced in section #abh7;e77#ab77;,b77v74 ,the terms annual percentage rate and finance charge shall be disclosed more conspicuously than other terms1 data1 or information provided in such table44 7c7 ,transactions other than under an open end credit plan ,section #abh7;e7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77 is amended by adding at the end the following3 7#ab7 ,disclosure requirements for outcomes-based financing products 7,a7 ,in general ,in addition to the disclosures required under this chapter1 and in lieu of the disclosure requirements in paragraphs 7#c71 7#d71 7#e7 and 7#f7 of subsection 7a71 subparagraph 7,c7 of paragraph 7#b71 and paragraphs 7#a71 7#b71 and 7#d7 of this subsection1 an ,,obf provider shall disclose the following3 7i7 ,disclosures required in private education loan applications and solicitations ,in any application for an ,,obf product1 or a solicitation for an ,,obf product without requiring an application1 the ,,obf provider shall disclose to the ,,obf recipient1 clearly and conspicuously-- 7,i7 the disclosures required under subclauses 7,i7 and 7,,ii7 of clause 7ii71 including the potential range of terms applicable to the ,,obf product for each disclosure item2 7,,ii7 the disclosures required under subclauses 7,,iii7 and 7,,iv7 of clause 7ii72 7,,iii7 the comparison table described in clause 7ii77,v71 using the highest dollar amount or percentage that the ,,obf provider could set under the ,,obf payment calculation method described in clause 7ii77,i7 based on an amount financed of #aj1jjj1 or #e1jjj if the ,,obf provider only offers ,,obf products of this type for less than #e1jjj2 and 7,,iv7 the disclosures required under-- 7aa7 paragraph 7#a77;,j7 7relating to eligibility requirements72 7bb7 subparagraphs 7,l7 through 7,n7 and 7,q7 of paragraph 7#a7 7relating to the availability of other potential sources of information and aid72 7cc7 paragraph 7#a77,o7 7relating to the #cj-;day approval period72 and 7dd7 paragraph 7#a77,p7 7relating to self-certification74 7ii7 ,disclosures at the time of private education loan approval ,contemporaneously with the approval of an ,,obf product application1 and before the loan transaction is consummated1 the ,,obf provider shall disclose to the borrower1 clearly and conspicuously1 the following3 7,i7 ,as relates to the periodic payment obligation3 7aa7 ,the term ,payment ,calculation ,method and a description of the method through which periodic payments will be calculated4 7bb7 ,the term income threshold and the income threshold for the ,,obf product1 followed by a description that states1 ,the minimum income you must make to trigger a payment obligation4 ,if your income is less than this income threshold1 you will not owe any amount for that period44 7cc7 ,a statement that during periods in which the ,,obf recipient's income is below the income threshold-- 7,,aa7 the ,,obf recipient will not owe an ,,obf payment for that period of time2 and 7,,bb7 any such period of non-payment will not count toward the ,,obf maximum number of payments but will count toward the ,,obf duration4 7,,ii7 ,as relates to various ways the ,,obf recipient can complete the obligation1 which shall include 7where applicable73 7aa7 ,the term ,maximum ,number of ,required ,payments and the ,,obf maximum number of payments1 followed by a description that states1 ,the maximum number of payments you will be required to make when your income is equal to or greater than the income threshold44 7bb7 ,the term ,maximum ,duration and the ,,obf duration1 followed by a description that states1 ,the maximum amount of time that you are required to make income-determined payments1 excluding any extensions that you request44 7cc7 ,in the case of an outcomes-based loan1 a disclosure of-- 7,,aa7 the applicable rate of interest in effect on the date of approval2 7,,bb7 whether the rate of interest applicable to the private education loan is fixed or variable2 7,,cc7 any limitations on interest rate adjustments1 both in terms of frequency and amount1 or the lack thereof1 if applicable2 and 7,,dd7 if the rate of interest is variable1 a statement that the varying rate of interest will affect how much the ,,obf recipient must pay to complete the outcomes-based loan early4 7dd7 ,in the case of an outcomes-based payment agreement1 any payment cap1 which may be a fixed number1 fixed multiple1 effective annual percentage rate1 or other mechanism4 7,,iii7 ,the ,annual ,percentage ,rate1 with a description stating that the ,annual ,percentage ,rate will vary based on the consumer's income after completing school and that the consumer should refer to the table described in subclause 7,v7 to see the range of ,annual ,percentage ,rates based on different after-school income scenarios4 7,,iv7 ,as relates to other disclosure items3 7aa7 ,a statement that the obligations of the ,,obf recipient under the ,,obf product would be dischargeable in a case under title #aa1 ,united ,states ,code1 in the same manner as a loan that is not described in section #ebc7;a77#h7 of title #aa1 ,united ,states ,code4 7bb7 ,the disclosure required under paragraph 7#b77;,j71 relating to available payment deferral options4 7cc7 ,the following statement3 ,,important ,,notice ,,required ,,by ,,law3 ,students are cautioned to consider carefully entering into this outcomes-based financing product if their total future payment commitment1 including any other forms of education finance1 may exceed #bj percent of their expected future income4 ,your total future obligation may exceed this percentage if you have received additional education financing1 including other outcomes-based financing products1 ,department of ,education ,direct or ,,ffel ,loans1 or private education loans44 7dd7 ,applicable finance charges1 late fees1 penalties1 and adjustments to principal 7as applicable71 based on borrower defaults or late payments applicable to the ,,obf product4 7ee7 ,fees1 or the range of fees1 applicable to the ,,obf product4 7ff7 ,the definition of income to be used for purposes of calculating the ,,obf recipient's obligation under the ,,obf product4 7gg7 ,a statement regarding whether the ,,obf provider intends to engage in a process of reconciliation to determine if the amount paid by the ,,obf recipient for the preceding year is more than1 equal to1 or less than the ,,obf payments owed under the ,,obf product1 including-- 7,,aa7 a description of the process in which the ,,obf recipient must participate for the ,,obf provider to verify the ,,obf recipient's income2 and 7,,bb7 a description of any tax records or forms that the ,,obf recipient must execute or that the ,,obf provider intends to submit to the ,internal ,revenue ,service4 7,v7 ,a comparison table that-- 7aa7 calculated for the range of income scenarios described in item 7bb7 and assuming the ,,obf recipient earns at that income level for the duration of the contract1 discloses-- 7,,aa7 the total dollar amount of payments2 7,,bb7 the number of ,,obf payments2 7,,cc7 the finance charge2 and 7,,dd7 the annual percentage rate1 with the scenario where an ,,obf recipient never makes any payments shown as -#ajj 7no payments72 7bb7 with respect to the disclosures required under item 7aa71 includes1 at a minimum1 the obligations for the ,,obf recipient-- 7,,aa7 with no income2 7,,bb7 with income at the income threshold2 and 7,,cc7 for various income scenarios1 including1 at a minimum1 calculations at annual incomes of #dj1jjj1 #fj1jjj1 #hj1jjj1 #ajj1jjj1 #abe1jjj1 #aej1jjj1 #age1jjj1 and #bjj1jjj 7or in lieu of these income scenarios1 other income scenarios that the ,bureau specifies by rule72 and 7cc7 includes the following statement3 ,this table assumes you have the same income over the entire duration of your ,,obf product4 ,it does not take into account changes in income4 ,your income will likely change over time44 7,,vi7 ,the disclosures required under paragraph 7#b77,l7 7relating to the #cj-;day approval period7 and subparagraphs 7,m7 and 7,n7 of paragraph 7#b7 7relating to the availability of other potential sources of aid74 7iii7 ,disclosures at the time of private education loan consummation ,contemporaneously with the consummation of an ,,obf product1 an ,,obf provider shall make to the ,,obf recipient each of the disclosures described in-- 7,i7 subclauses 7,i7 through 7,,iv7 of clause 7ii7 7and in the case of an outcomes-based loan with a variable rate of interest1 adjusted1 as necessary1 for the rate of interest in effect on the date of consummation1 based on the index used72 7,,ii7 subparagraphs 7,m7 and 7,n7 of paragraph 7#b7 7relating to the availability of other potential sources of aid72 and 7,,iii7 paragraph 7#g7 7relating to right to cancel74 7,b7 ,rulemaking ,the ,bureau may prescribe1 by rule1 such other information as necessary or appropriate that shall be disclosed for consumers to make informed borrowing decisions related to ,,obf products4 4 #bjb4 ,advertising of ,,obf products 7a7 ,advertising of downpayments and installments ,section #adb of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #affb7 is amended-- 7#a7 in the matter preceding paragraph 7#a71 by striking state and inserting state--2 7#b7 in paragraph 7#a71 by striking the period and inserting a semicolon2 7#c7 in paragraph 7#b71 by striking the period and inserting 2 and2 and 7#d7 by adding at the end the following3 7#c7 with respect to an ,,obf product1 that a specific ,,obf payment calculation method1 ,,obf duration1 ,,obf maximum number of payments1 or income threshold can be arranged1 unless the ,,obf provider usually and customarily arranges ,,obf products pursuant to the terms so advertised4 4 7b7 ,advertising of a credit other than open end plans ,section #add of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #affd7 is amended by adding at the end the following3 7f7 ,outcomes-,based ,financing ,products 7#a7 ,definitions ,in this subsection1 the terms ,,obf product1 income threshold1 ,,obf duration1 ,,obf maximum number of payments1 and ,,obf payment calculation method have the meanings given those terms in subsection #afej7;h74 7#b7 ,application ,this subsection shall apply to any advertisement of any ,,obf product subject to the provisions of this chapter4 7#c7 ,disclosure of key terms ,if any advertisement to which this section applies states the ,,obf payment calculation method1 ,,obf duration1 ,,obf maximum number of payments1 income threshold1 or amounts of payments under an ,,obf product1 the advertisement shall include each of the following3 7,a7 ,the ,,obf payment calculation method4 7,b7 ,the ,,obf duration4 7,c7 ,the ,,obf maximum number of payments4 7,d7 ,the income threshold4 4 ,,iii ,consumer protections for ,,obf products #cja4 ,consumer protections 7a7 ,preventing unfair and deceptive private educational lending practices and eliminating conflicts of interest ,section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7 is amended-- 7#a7 in subsection 7a77#h7-- 7,a7 in subparagraph 7,a77ii71 by striking and at the end2 and 7,b7 by adding at the end the following3 7,c7 includes an ,outcomes-,based ,financing ,product as defined in subsection 7h72 and 2 and 7#b7 by adding at the end the following3 7h7 ,definitions relating to outcomes-,based financing products ,in this chapter3 7#a7 ,amount financed ,the term amount financed means1 with respect to an ,,obf product1 the amount financed as calculated pursuant to section #ajbf4ah7;b7 of title #ab1 ,code of ,federal ,regulations4 7#b7 ,income threshold ,the term income threshold means a fixed dollar amount that is the minimum income that an ,,obf recipient is required to earn in a payment period before the ,,obf recipient is required to make a payment on an ,,obf product for such payment period4 7#c7 ,,obf duration 7,a7 ,in general ,the term ,,obf duration-- 7i7 means the maximum time during which a consumer could remain obligated on the ,,obf product1 except for any past due amounts owed to the ,,obf provider2 and 7ii7 does not include-- 7,i7 any period of in-school deferment2 7,,ii7 any grace or transition period2 and 7,,iii7 any period for which the ,,obf recipient's income is equal to or above the income threshold but the obligation is suspended at the request of the consumer 7including a period of payment relief pause1 deferment1 or forbearance74 7,b7 ,reconciliation process ,if an ,,obf product requires a reconciliation process under section #abh7;e77#ab77;,a77ii77,,iv77gg71 any payment period that has not yet been reconciled shall provisionally be applied to the ,,obf duration until such time as the payment period is reconciled1 provided that if the ,,obf recipient has reached the ,,obf duration1 including any provisional payment periods1 the ,,obf recipient shall not accrue any additional obligations except those that come from any remaining reconciliation processes4 7#d7 ,,obf product ,the term ,,obf product means a financial product-- 7,a7 under which-- 7i7 the ,,obf provider credits or advances financing to the ,,obf recipient or to a third party on behalf of the ,,obf recipient2 or 7ii7 if the ,,obf provider is a merchant financing the sale of goods or services to the ,,obf recipient via the financial product1 the ,,obf provider credits the amount financed toward the purchase of such goods or services2 7,b7 under which the ,,obf recipient is obligated to make periodic ,,obf payments 7if any become due7 to the ,,obf provider in the future1 calculated based upon the ,,obf recipient's future income 7using the ,payment ,calculation ,method defined in this subsection1 as specified in the contract72 7,c7 under which the ,,obf recipient's obligation to make payments 7if any become due7 to the ,,obf provider is conditional on the ,,obf recipient's income exceeding the income threshold set in the ,,obf product2 7,d7 under which there is an ,,obf duration after which the obligation is complete regardless of how much has been paid1 as long as the consumer has paid any prior amounts due2 7,e7 under which the ,,obf provider and the ,,obf recipient enter into an agreement that1 as of the date of the product1 includes each element described in subparagraphs 7,a7 through 7,d72 7,f7 that is not made1 insured1 or guaranteed under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq472 7,g7 that is not open end credit or any loan that is secured by real property or a dwelling2 and 7,h7 under which the amounts advanced under subparagraph 7,a7 are for-- 7i7 costs associated with a postsecondary training program or any other program designed to increase the human capital1 employability1 or earning potential of the ,,obf recipient 7not limited to programs eligible to participate under title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj et seq4772 7ii7 any personal expenses 7such as books1 supplies1 transportation1 and living costs7 incurred by the ,,obf recipient while enrolled in a program described in clause 7i72 7iii7 any other cost or expense that is a qualified higher education expense1 as defined in section #ebi7;e77#c77;,a7 of the ,internal ,revenue ,code of #aihf2 and 7iv7 the refinancing of loans or ,,obf products used for the purposes described in clauses 7i71 7ii71 or 7iii71 and without respect to whether the ,,obf product is provided by the educational institution that the ,,obf recipient attends4 7#e7 ,,obf maximum number of payments ,the term ,,obf maximum number of payments-- 7,a7 means the maximum number of ,,obf payments that an ,,obf recipient could be required to make under the terms of the ,,obf product2 and 7,b7 does not include periods of payment relief pause4 7#f7 ,,obf payment ,the term ,,obf payment-- 7,a7 means the amount of an ,,obf recipient's periodic payment obligation1 under the terms of the ,,obf product1 incurred during any payment period for which the ,,obf recipient's income is greater than the income threshold2 and 7,b7 is calculated using the ,,obf payment calculation method4 7#g7 ,,obf payment calculation method ,,obf payment calculation method means the mechanism1 formula1 percentage1 dollar figure1 or other means of calculating an ,,obf recipient's payment obligation1 based on the ,,obf recipient's income1 under the terms of the ,,obf product4 7#h7 ,,obf provider ,the term ,,obf provider means a person that provides financing to an ,,obf recipient pursuant to the terms of an ,,obf product1 or1 in the case of a person who is a merchant financing the sale of goods or services to the ,,obf recipient1 the merchant4 7#i7 ,,obf recipient ,the term ,,obf recipient means a consumer that receives financing from an ,,obf provider under an ,,obf product4 7#aj7 ,outcomes-based loan ,the term outcomes-based loan means an ,,obf product that uses promissory notes1 loan agreements1 or an installment sales contract to effectuate the loan and provide for the repayment of a principal balance with a fixed or variable interest rate1 with such additional terms as necessary 7such as forgiveness of outstanding balance after a defined period7 to meet the requirements of an ,,obf product4 7#aa7 ,outcomes-based payment agreement ,an outcomes-based payment agreement includes all ,,obf products that are not outcomes-based loans4 7#ab7 ,payment relief pause ,the term payment relief pause means a period of time that-- 7,a7 is requested by the ,,obf recipient during which any payment obligation the ,,obf recipient would have is suspended2 and 7,b7 does not count toward an ,,obf recipient's ,,obf duration or maximum number of payments4 7#ac7 ,poverty line ,the term poverty line has the meaning given the term in section #fgc of the ,community ,services ,block ,grant ,act 7#db ,u4,s4,c4 #iijb74 7#ad7 ,consumer ,the term consumer means a natural person to whom an ,,obf product is offered or extended for personal1 family1 or household purposes4 7i7 ,additional consumer protections relating to ,,obf products 7#a7 ,prohibition on acceleration2 treatment of early completion mechanisms 7,a7 ,limits on acceleration 7i7 ,outcomes-based payment agreement products ,an ,,obf provider shall not include any mechanism in an outcomes-based payment agreement product that accelerates an amount against an ,,obf recipient 7or otherwise liquidates a future payment stream7 in the event of a delinquency or default under the ,,obf product4 7ii7 ,outcomes-based loan products ,an ,,obf provider shall not accelerate 7or otherwise liquidate a future payment stream7 an outcomes-based loan product in the event of a delinquency or default under the outcomes-based loan1 except the ,,obf provider may accelerate an outcomes-based loan in cases where the ,,obf recipient has failed to make a required payment for a continuous period of not less than #ahj days4 7,b7 ,no impact on early completion mechanisms ,nothing in this subsection shall be interpreted to prevent an ,,obf recipient from using any available completion mechanisms of an ,,obf product so long as the mechanism is optional and within the ,,obf recipient's control4 7#b7 ,monthly payment affordability for ,,obf products 7,a7 ,maximum monthly payment obligation ,each ,,obf product shall specify the ,,obf payment calculation method applicable to the ,,obf product4 ,an ,,obf provider shall not enter into an ,,obf product with an ,,obf recipient if the ,,obf recipient would be committing to pay more than #bj percent of the ,,obf recipient's income at any time during the ,,obf duration1 based on information available to the ,,obf provider at the time of the projection1 inclusive of any payment obligations that the ,,obf provider knows will arise in the future for other ,,obf products upon which the consumer is obligated at the time of the projection4 ,the ,,obf provider shall confirm a recipient's ,,obf liabilities through a verifiable third-party source4 ,at a minimum1 the ,,obf provider shall confirm such liabilities using information maintained by a nationwide consumer reporting agency1 as defined in section #fjc7;f7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a7f774 ,while doing so is sufficient for meeting the requirement under this subparagraph1 nothing in this subparagraph shall prohibit an ,,obf provider from using other sources to provide additional verification4 7,b7 ,calculation methodology and requirements 7i7 ,in general ,for the purposes of calculating the portion of an ,,obf recipient's future income that would be consumed by the ,,obf product for which the ,,obf recipient has applied and all other ,,obf products of the ,,obf recipient as of the date of the agreement1 the ,,obf provider shall calculate the aggregate future burden-- 7,i7 in any case where the income threshold of the ,,obf product is less than the maximum described in clause 7ii71 at hypothetical future income levels ranging from such income threshold to such maximum1 in increments of #aj1jjj2 and 7,,ii7 in any case where the income threshold of the ,,obf product is equal to or greater than such maximum1 at such income threshold4 7ii7 ,maximum ,the maximum described in this clause shall be the greater of-- 7,i7 7aa7 for fiscal year #bjbe1 #gj1jjj2 or 7bb7 for fiscal year #bjbf and each subsequent fiscal year1 the maximum for the preceding fiscal year-- 7,,aa7 increased by the percentage increase in the ,consumer ,price ,index for ,all ,urban ,consumers published by the ,department of ,labor2 and 7,,bb7 rounded to the nearest #a1jjj2 or 7,,ii7 in the case of an ,,obf recipient who has 7as of the date of the outcomes-based payment agreement71 or has applied for1 an ,,obf product that uses a schedule of income percentages or a schedule of fixed amounts as the ,,obf payment calculation method1 the highest income level referenced by a schedule for any such ,,obf product4 7iii7 ,calculation 7,i7 ,in general ,the terms of an ,,obf product for which a consumer has applied cannot cause the ,,obf recipient's aggregate future burden 7defined as the total amounts expected to be due under all ,,obf products of the ,,obf recipient as of the date of the agreement1 and all ,,obf products for which the consumer is applying7 to exceed the limit described in subparagraph 7,a7 at any of the income increments described in clause 7ii74 7,,ii7 ,calculation method ,for the purpose of calculating the percentage burden of an ,,obf product at a given future income level1 the ,,obf provider shall calculate the annual payment obligation the ,,obf recipient would incur at that income level 7using the most affordable option that would yield the lowest monthly payments that would be available to the ,,obf recipient at such income level under that ,,obf product7 and divide that annual payment obligation by that income level4 7,c7 ,protections during periods of low earnings 7i7 ,in general ,the ,,obf product shall provide that when an ,,obf recipient has an income that is below the income threshold of the ,,obf product1 the ,,obf periodic payment obligation is #j4 7ii7 ,threshold amount ,the income threshold for an ,,obf product 7expressed as an annual amount7 shall be not less than #bej percent of the ,federal poverty guidelines for a single person in the continental ,u4,s4 7for the year in which the calculation is performed74 7#c7 ,ensuring appropriate risk sharing for ,,obf products 7,a7 ,in general ,an ,,obf provider may not contract for terms of an ,,obf product that would result in the ,,obf recipient having income that is less than or equal to #cej percent of the ,federal poverty guidelines for a single person in the continental ,united ,states for the ,,obf duration being required to make a stream of ,,obf payments that would yield an effective annual percentage rate of more than #h percent1 plus the high yield of the #aj-year ,united ,states ,constant ,maturity ,treasury ,notes auctioned at the final auction held before the current calendar year in which an ,,obf product offering is made4 7,b7 ,calculation ,an ,,obf provider shall calculate for an ,,obf recipient the effective annual percentage rate under subparagraph 7,a7 by determining the poverty line at the time of origination of the ,,obf product and assuming such amount is fixed through the ,,obf duration4 7,c7 ,duration ,for the purposes of determining ,,obf duration under subparagraph 7,a71 an ,,obf provider shall assume the ,,obf duration started after a period equal to the expected length of the program for which a consumer is enrolling4 7#d7 ,limits on duration of an ,,obf product obligation 7,a7 ,,obf maximum number of payments ,the ,,obf maximum number of payments shall not exceed #bdj monthly payments4 7,b7 ,,obf duration ,the ,,obf duration shall not exceed #cfj months 7except in the case of an extension requested by the ,,obf recipient74 7#e7 ,non-interference ,an ,,obf product shall not be construed to give the contract holder any rights over an individual's actions other than as provided in this ,act4 7#f7 ,discharge protections for ,,obf recipients 7,a7 ,permanent and total disability ,in any case where an ,,obf recipient would be deemed totally and permanently disabled for purposes of benefits administered by the ,department of ,veterans ,affairs or the ,social ,security ,administration 7determined without regard to whether the recipient receives such benefits71 all further obligations of the ,,obf recipient under the ,,obf product shall terminate1 except those accruing before the date such a determination would apply4 7,b7 ,death ,upon the death of an ,,obf recipient1 all further obligations of the ,,obf recipient under the ,,obf product shall terminate1 except those obligations accruing before the ,,obf recipient's date of death4 7#g7 ,limitation on amounts treated as income under ,,obf products 7,a7 ,in general ,for purposes of calculating the obligation of an ,,obf recipient to make ,,obf payments under an ,,obf product1 the income of the ,,obf recipient shall not include-- 7i7 the income of any child or dependent of the ,,obf recipient2 7ii7 any item of income which is not included in the gross income 7as defined in section #fa7;a7 of the ,internal ,revenue ,code of #aihf7 of the ,,obf recipient2 7iii7 any amount received from an individual retirement plan 7as defined in section #ggja of the ,internal ,revenue ,code of #aihf71 a pension1 or an annuity2 or 7iv7 any ,social ,security benefit 7as defined in section #hf of the ,internal ,revenue ,code of #aihf74 7,b7 ,estimating income 7i7 ,in general ,an ,,obf provider may reasonably require that an ,,obf recipient provide documentation of income1 including through pay stubs1 tax transcripts1 or the signing of relevant ,,irs forms that provide the ,,obf provider with access to the ,,obf recipient's tax transcripts4 ,in the event that an ,,obf recipient fails to provide income documentation as reasonably required by the ,,obf product1 an ,,obf provider may assign an amount of income to the ,,obf recipient and compute the monthly payment amount for the ,,obf recipient by any of the following methods1 to the extent disclosed in the ,,obf product3 7,i7 ,assigning an income amount obtained from a reasonably reliable third party or a consumer reporting agency1 as defined in section #fjc7;f7 of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;a7f774 7,,ii7 ,if the ,,obf recipient previously provided income documentation or has had an income assigned in the preceding #a-year period1 assuming that such income has increased by not more than #aj percent1 provided such increase is not applied more than once per #a-year period4 7,,iii7 ,contacting the applicable ,state revenue department or the ,internal ,revenue ,service to obtain the most recent information available about the income of the ,,obf recipient4 7,,iv7 ,if the ,,obf recipient has not previously provided income documentation1 assigning a reasonable qualified income based on-- 7aa7 the median income for individuals working in the profession for which the educational program of the ,,obf recipient was intended to prepare the ,,obf recipient1 as determined by information published by the ,bureau of ,labor ,statistics or other reasonably reliable publicly available data sources2 or 7bb7 the median income of individuals who attended the same or a reasonably comparable covered educational program or course of study1 as determined by information published by the ,bureau of ,labor ,statistics or other reasonably reliable publicly available data sources4 7,v7 ,assigning an income equal to the income threshold of the ,,obf product 7and adjusting as needed if the threshold adjusts over time74 7ii7 ,notification ,if an ,,obf provider assigns an income to an ,,obf recipient1 pursuant to clause 7i71 the ,,obf provider-- 7,i7 shall notify the ,,obf recipient in the monthly billing statement1 and in each billing statement thereafter while the assigned income remains applicable to the ,,obf recipient-- 7aa7 that income has been assigned2 and 7bb7 of the rights of the ,,obf recipient under this section2 7,,ii7 in any tax year for which the ,,obf provider has made an assumption about an ,,obf recipient's income using any of the methods described in clause 7i7 and if the ,,obf recipient has authorized ongoing access to the ,,obf recipient's return information under section #dja1 shall request such information in each year of the payment term2 7,,iii7 if the ,,obf recipient does provide income information as reasonably required by the ,,obf product within #a year of the date on which the ,,obf provider notified the ,,obf recipient that assigned income shall be applied to the ,,obf product or if the ,,obf provider receives updated income information through return information authorized under section #dja1 then1 not later than the date that is #ae days after the date on which the ,,obf provider receives such information1 shall-- 7aa7 update each prior instance in which assigned income was applied1 using such new income information2 and 7bb7 reconcile any difference in amounts owed by the ,,obf recipient based on those updates to prior income2 and 7,,iv7 if the ,,obf recipient provides income information more than #a year after the ,,obf provider first assigned income to the ,,obf recipient1 may1 but shall not be obligated to1 update each prior instance in which assigned income was applied using the income information provided by the ,,obf recipient4 7iii7 ,records retention ,an ,,obf provider that assigns income to an ,,obf recipient shall retain all applicable records relating to the method and data sources used to make such estimation for a period of #c years after the date by which there no longer exists a contractual relationship between the ,,obf provider and the ,,obf recipient for that ,,obf product4 7#h7 ,no assignment of wages 7,a7 ,in general ,an ,,obf provider may not take an assignment of earnings or wages of the ,,obf recipient as payment or as security for payment of a debt arising out of an ,,obf product4 ,an assignment of earnings in violation of this paragraph is unenforceable by the assignee of the earnings and revocable by the consumer4 ,this paragraph does not limit the ability of the ,,obf recipient to voluntarily elect to use a revocable payroll deduction mechanism1 such as one offered by an employer or payroll provider1 provided that the ,,obf recipient is not assigning the ,,obf recipient's earnings or wages4 7,b7 ,deemed loan ,a sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to the seller secured by an assignment of earnings4 7j7 ,treatment of ,outcomes-,based ,financing ,products ,under ,other ,laws 7#a7 ,definition ,in this subsection1 the term ,state law-- 7,a7 means-- 7i7 any law1 decision1 rule1 regulation1 or other action having the effect of a law of any ,state or any political subdivision of a ,state1 or any agency or instrumentality of a ,state or political subdivision of a ,state2 and 7ii7 any law of the ,united ,states applicable only to the ,district of ,columbia2 and 7,b7 does not impact the use of such term in section #ajbf4bh of title #ab1 ,code of ,federal ,regulations4 7#b7 ,insurance and wagering ,an ,,obf product shall not be treated as a contract for insurance1 or as a betting or wagering contract1 under any ,federal or ,state law or ,state constitutional provision4 7#c7 ,assignment of future wages for ,,obf products ,an ,,obf product shall be a valid1 binding1 and enforceable contract1 notwithstanding any ,state law or ,state constitutional provision limiting or otherwise regulating assignments of future wages or other income4 7#d7 ,preemption of ,state laws with respect to substantially equal payments ,a ,state law or ,state constitutional provision requiring that payments on a debt1 credit1 loan1 installment sale1 or other financial instrument be in equal or substantially equal amounts shall not apply to an ,,obf product4 7#e7 ,preemption of ,state laws with respect to ability to repay 7,a7 ,in general ,a ,state law or ,state constitutional provision imposing requirements relating to assessing whether a consumer has the ability to repay a loan1 credit1 debt1 installment sale1 or other financial obligation shall not apply to an ,,obf product4 7,b7 ,exceptions 7i7 ,legislation that references this section ,for purposes of the affordability protections specified in subparagraph 7,c71 ,state legislation that specifically and explicitly addresses ,,obf products by reference to this section and imposes limits that would apply to ,,obf products issued in the jurisdiction of that ,state shall not be subject to preemption under subparagraph 7,a74 7ii7 ,prior enacted legislation ,if1 as of the date of enactment of this section1 a ,state has previously enacted legislation or issued a rule specifically referencing income share agreements and specifying limits for income share agreements consistent with clauses 7i7 and 7ii7 of subparagraph 7,c71 such limits are not subject to preemption under subparagraph 7,a74 7,c7 ,affordability protections ,the affordability protections subject to ,state specification under subparagraph 7,a7 include3 7i7 the percentage specified in subsection 7i77#b77;,a7 setting the maximum percentage of income required for monthly payments under ,,obf products1 including what types of obligations are included in such limit 7but not altering the methodology used to apply such limit72 7ii7 the percentage specified in subsection 7i77#b77;,c7 providing an alternative minimum required income threshold 7but not altering other aspects of the calculation used to determine the minimum income threshold74 7#f7 ,preemption of state laws with respect to amount of financing1 timing of payments1 and length of term 7,a7 ,in general ,a ,state law or ,state constitutional provision imposing requirements relating to limits on amount of financing1 timing of payments1 or when payments must start for a loan1 credit1 debt1 installment sale1 or other financial obligation shall not apply to an ,,obf product4 7,b7 ,exceptions 7i7 ,legislation that references this ,section ,for purposes of the payment and duration protections specified in subparagraph 7,c71 ,state legislation that specifically and explicitly addresses ,,obf products by reference to this section and imposes limits that would apply to ,,obf products issued in the jurisdiction of that ,state shall not be subject to preemption under subparagraph 7,a74 7ii7 ,prior enacted legislation ,if1 as of the date of enactment of this section1 a ,state has previously enacted legislation or issued a rule specifically referencing income share agreements and specifying limits for income share agreements consistent with clauses 7i7 and 7ii7 of subparagraph 7,c71 such limits are not subject to preemption under subparagraph 7,a74 7,c7 ,payment and duration protections ,the payment and duration protections subject to ,state specification under subparagraph 7,a7 include3 7i7 the number specified in subsection 7i77#d77;,a7 setting the maximum number of ,,obf payments for an ,,obf product 7but not altering the definitions of ,,obf payment72 7ii7 the number specified in subsection 7i77#d77;,b7 setting the maximum ,,obf duration for an ,,obf product 7but not altering the definition of an ,,obf duration74 7#g7 ,prepayment 7,a7 ,in general ,a ,federal law or ,state law or ,state constitutional provision imposing requirements or limitations relating to prepayment or fees or charges related to prepayment1 including as described in subsection 7e71 shall not apply to an outcomes-based payment agreement4 7,b7 ,exceptions 7i7 ,legislation that references this ,section ,state legislation shall not be subject to preemption under subparagraph 7,a7 if the legislation-- 7,i7 specifically and explicitly addresses ,,obf products by reference to this section2 and 7,,ii7 requires that outcomes-based payment agreement products include a means through which an outcomes-based payment agreement recipient can complete the outcomes-based payment agreement obligation by paying an amount equal to the amount financed and an earned finance charge1 with the earned finance charge equal to the finance charge that would have been earned by the outcomes-based payment agreement provider applying a maximum annual percentage rate 7which shall be disclosed by the outcomes-based payment agreement provider pursuant to section #abh7;e77#ab77;,a77ii77,,iii77 to the amount financed1 and calculated as of the current date4 7ii7 ,prior enacted legislation ,if1 as of the date of enactment of this section1 a ,state has previously enacted legislation or issued a rule specifically referencing income share agreements and specifying limits for income share agreements consistent with those described in this paragraph1 such limits are not subject to preemption under subparagraph 7,a74 7#h7 ,application of usury limits 7,a7 ,in general ,a ,state law or ,state constitutional provision imposing requirements or limitations relating to the rate or amount of interest1 finance charges1 or other charges which may be charged1 taken1 received1 or reserved1 shall not apply to an ,,obf product4 7,b7 ,exceptions 7i7 ,legislation that references this section ,state legislation shall not be subject to preemption under subparagraph 7,a7 if the legislation-- 7,i7 specifically and explicitly addresses ,,obf products by reference to this section2 and 7,,ii7 imposes its own limits with respect to the rate or amount of interest1 finance charges1 or other charges that may be charged1 taken1 received1 or reserved that would apply to ,,obf products issued in the jurisdiction of that ,state4 7ii7 ,prior enacted legislation ,if1 as of the date of enactment of this section1 a ,state has previously enacted legislation or issued a rule specifically referencing income share agreements and specifying limits for income share agreements consistent with those described in this paragraph1 such limits are not subject to preemption under subparagraph 7,a74 7#i7 ,state specification of risk sharing limits ,for the protections relating to risk sharing specified in subparagraph 7,b71 a ,state may enact legislation that specifically and explicitly addresses ,,obf products and imposes its own limits that would apply to ,,obf products issued in the jurisdiction of that ,state that include the income level and associated annual percentage rate limit specified in paragraph 7i77#c71 including specifying additional tiers of income levels and limits as desired 7but not altering the methodology used to apply such limits under this section74 4 #cjb4 ,treatment under bankruptcy laws ,section #ebc7;a77#h7 of title #aa1 ,united ,states ,code1 is amended1 in the matter preceding subparagraph 7,a71 by striking for-- and inserting for1 other than funds provided as part of an ,,obf product 7as defined in section #adj7;h7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h77--4 ,,iv ,other clarifications to support ,,obf products #dja4 ,consent to continuing release of taxpayer information under ,,obf products 7a7 ,in general ,not later than #ahj days after the date of enactment of this ,act1 the ,secretary of the ,treasury shall modify ,treasury regulations and guidance to provide for continuing consent 7via hand signature and electronic signature7 to disclosure of an individual's tax return information to an ,,obf provider 7or the ,,obf provider's successor in interest7 under an ,,obf product1 but only for periods relevant to1 and only to the extent the ,secretary determines is necessary and appropriate in carrying out the terms of1 such ,,obf product4 7b7 ,definitions ,in this section1 the terms ,,obf product and ,,obf provider have the meanings given such terms in subsection 7h7 of section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h771 as added by this ,act4 #djb4 ,amendments to the ,higher ,education ,act of #aife ,the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajja et seq47 is amended as follows3 7#a7 ,section #dhg7;d77#a77;,d7 7#bj ,u4,s4,c4 #ajid7;d77#a77;,d77 is amended-- 7,a7 in clause 7ii71 by striking and at the end2 7,b7 in clause 7iii71 by inserting and after the semicolon2 and 7,c7 by adding at the end the following3 7iv7 in the case of an ,,obf product 7as such term is defined in subsection 7h7 of section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h777 made by a proprietary institution of higher education1 only the amount of ,,obf payments 7as defined in such subsection7 received during the applicable institutional fiscal year1 to the extent the amount of such payments on the ,,obf product does not exceed the amount financed under such ,,obf product2 4 7#b7 ,section #aec7;a7 7#bj ,u4,s4,c4 #ajai;b7a77 is amended-- 7,a7 in paragraph 7#a71 by adding at the end the following3 7,c7 ,additional information for ,,obf products 7i7 ,in general ,by not later than #ahj days after the date of enactment of the ,outcomes-,based ,financing 7,,obf7 for ,students ,act1 the ,secretary1 in coordination with the ,bureau of ,consumer ,financial ,protection1 shall determine the minimum information that ,,obf providers1 covered institutions1 and institution-affiliated organizations of such covered institutions1 participating in preferred lender arrangements shall make available regarding ,,obf products4 7ii7 ,consultation and content of minimum disclosures ,in carrying out clause 7i71 the ,secretary shall-- 7,i7 consult with students1 the families of such students1 representatives of covered institutions 7including financial aid administrators1 admission officers1 and business officers71 representatives of institution-affiliated organizations1 secondary school guidance counselors1 and ,,obf providers2 7,,ii7 include1 in the minimum information under clause 7i7 that is required to be made available1 the information required to be disclosed under section #abh7;e77#ab7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afch7;e77#ab772 and 7,,iii7 consider the merits of requiring each covered institution1 and each institution-affiliated organization of such covered institution1 with a preferred lender arrangement to provide prospective ,,obf recipients and the families of such recipients the following information for each type of ,,obf product offered pursuant to such preferred lender arrangement3 7aa7 ,the terms and conditions of the ,,obf product for the next award year4 7bb7 ,an itemization of the fees or range of fees required to obtain the ,,obf product4 7cc7 ,the annual or aggregate maximum financed amounts4 7dd7 ,the average financed amounts provided by the ,,obf provider to students who-- 7,,aa7 graduated from such institution in the preceding year with certificates1 undergraduate degrees1 graduate degrees1 and professional degrees1 as applicable2 and 7,,bb7 obtained an ,,obf product of such type from the ,,obf provider for the preceding year4 7ee7 ,the consequences for the ,,obf recipient for defaulting on an ,,obf product4 7ff7 ,contact information for the ,,obf provider4 7gg7 ,other information suggested by the persons and entities with whom the ,secretary has consulted under subclause 7,i74 7iii7 ,definitions ,in this subparagraph the terms ,,obf product and ,,obf provider have the meanings given such terms in subsection 7h7 of section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h774 2 and 7,b7 in paragraph 7#b7-- 7i7 in subparagraph 7,a77ii71 by striking the and inserting a before model disclosure form2 7ii7 in subparagraph 7,b7-- 7,i7 in the matter preceding clause 7i7-- 7aa7 by striking a before model disclosure2 and 7bb7 by striking form that and inserting forms that2 and 7,,ii7 in clause 7ii71 by inserting 7or in the case of an ,,obf product 7as defined in subsection 7h7 of section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h771 sections #abh7;e77#ab77;,a7 and #aje7k7 of such ,act7 after section #abh7;e72 and 7iii7 in subparagraph 7,c71 by striking form and inserting forms4 7#c7 ,section #aed 7#bj ,u4,s4,c4 #ajai;c7 is amended-- 7,a7 in subsection 7a71 by striking development of the and inserting development of a2 and 7,b7 in subsection 7b77#b7-- 7i7 by inserting one of before the model disclosure2 and 7ii7 by striking form developed and inserting forms developed4 #djc4 ,supporting outcomes-based underwriting ,section #gja7;b7 of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia7;b77 is amended-- 7#a7 by redesignating paragraphs 7#d7 and 7#e7 as paragraphs 7#e7 and 7#f72 and 7#b7 by inserting after paragraph 7#c7 the following3 7#d7 to use any empirically derived credit system to determine whether to approve an application or establish the financial or other terms of an ,,obf product1 if that empirically derived system-- 7,a7 considers-- 7i7 the historical graduation rates1 debt-to-income ratios1 income or earnings of consumers who were previously enrolled at the institution1 major1 or program of study that the applicant is attending or will attend 7or a reasonably comparable institution1 major1 or program of study72 or 7ii7 the historical income or earnings of workers in the field or profession for which the program is preparing students2 and 7,b7 is demonstrably and statistically sound in accordance with regulations of the ,bureau2 4 #djd4 ,treatment under the ,fair ,credit ,reporting ,act 7a7 ,amendment ,section #fje of the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha;c7 is amended by adding at the end the following3 7i7 ,,obf product information 7#a7 ,in general ,with respect to an ,,obf product 7as that term is defined in subsection 7h7 of section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7;h7771 a consumer report made by a consumer reporting agency-- 7,a7 may include a description of the contract terms of the ,,obf product and1 subject to subsection 7a71 information with respect to amounts that are owed under the ,,obf product2 and 7,b7 with respect to an outcomes-based payment agreement1 may not include any speculation about future amounts that may be owed under the outcomes-based payment agreement1 including the reporting of any payment caps or early termination amounts4 7#b7 ,regulations ,the ,bureau shall promulgate regulations with respect to the manner in which ,,obf providers may furnish1 and consumer reporting agencies may report1 information relating to ,,obf products4 4