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BILL SPONSOR
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Timothy Bishop
Democratic - NY
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TRACK BILL
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Sponsor Party
Democratic
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Congress
113
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Bill Number
H.R.4511
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Date Introduced
4/29/2014
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Bill Progress
BILL INTRODUCED 4/29/2014
SENATE PASSED
HOUSE PASSED
PRESIDENT TO PRESIDENT
PRESIDENT SIGNS
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Protecting Students From Automatic Default Act of 2014 - Amends the Truth in Lending Act to require a private educational lender to notify a borrower immediately if, upon receiving notification of the death or bankruptcy of a cosigner jointly liable for the private education loan, the lender deems the borrower to be in default, changes the terms of the loan, or accelerates the loan's repayment terms.
Requires a private educational lender to give a borrower at least 90 days after such a notification to identify a new cosigner for that loan. Retains the lender's right to renegotiate loan terms based on the creditworthiness of the new cosigner.