Bill > HR3092

This bill, the Ryan Frascone Memorial Student Loan Relief Act of 2021, aims to adjust the applicability of certain amendments to the Truth in Lending Act. The key provisions are as follows: 1. The bill amends section 601(b) of the Economic Growth, Regulatory Relief, and Consumer Protection Act to make the amendments under subsection (a) applicable to private education loan agreements entered into before, on, or after the date of enactment of the Act. 2. The bill establishes a program under the Treasury Department to purchase and retire outstanding private education loans where the borrower is deceased, there remains a cosigner on the loan, and the loan was entered into before 180 days after the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act. Lenders who have suffered financial injury due to the amendment made by the bill can apply to the Treasury Department to have their loans purchased and retired. 3. The bill authorizes $5 million in appropriations to the Treasury Department to carry out the loan purchase and retirement program. 4. The bill defines the terms "cosigner" and "private education loan" in accordance with the Truth in Lending Act.

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https://www.congress.gov/bill/117th-congress/house-bill/3092/all-info