US S1066

Bill

US S1066

FAIR Student Credit Act of 2017 Federal Adjustment in Reporting Student Credit Act of 2017

Introduced
05/08/2017

In Committee
05/08/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

FAIR Student Credit Act of 2017 Federal Adjustment in Reporting Student Credit Act of 2017 This bill amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a qualified education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments equal to the number of payments specified in a default reduction program under the Higher Education Act of 1965, and (2) the consumer of the loan successfully and voluntarily meets the requirements of that loan-rehabilitation program. A consumer may obtain such rehabilitation benefits only once per loan. The Government Accountability Office shall report on any hurdles borrowers experience with the private loan-rehabilitation program.

AI Summary

This bill, the FAIR Student Credit Act of 2017 or the Federal Adjustment in Reporting Student Credit Act of 2017, amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a qualified education loan from their consumer report if the lender offers a loan-rehabilitation program that requires a specific number of consecutive on-time monthly payments, and the consumer successfully completes the program. The bill limits this benefit to once per loan. Additionally, the Government Accountability Office is required to study the implementation of this provision and any hurdles borrowers experience with the private loan rehabilitation program, and report their findings to Congress.

Committee Categories

Housing and Urban Affairs

Sponsors (2)

Gary Peters (D)*, Shelley Moore Capito (R),

Last Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 05/08/2017)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/1066/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/1066/all-info
BillText	https://www.congress.gov/115/bills/s1066/BILLS-115s1066is.pdf
Bill	https://www.congress.gov/115/bills/s1066/BILLS-115s1066is.pdf.pdf

Bill	Bill Name	Last Action	Type
HRes905	Providing for consideration of the bill (H.B. 5515) to authorize appropriations for fiscal year 2019 for military activities of the Department of Defense and for military construction, to prescribe military personnel strengths for such fiscal year, and for other purposes; providing for consideration of the bill (S. 204) to authorize the use of unapproved medical products by patients diagnosed with a terminal illness in accordance with State law, and for other purposes; and providing for consider	Motion to reconsider laid on the table Agreed to without objection.	Similar To
S2155	Economic Growth, Regulatory Relief, and Consumer Protection Act	Became Public Law No: 115-174.	Related

Bill > S1066

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary