US Congress House Bill 4193 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 32-13)
Status: Introduced on August 16 2019 - 25% progression, died in committee
Action: 2019-08-16 - Referred to the House Committee on Education and Labor.
Pending: House Education and Labor Committee
Text: Latest bill text (Introduced) [PDF]

Requires a lender disbursing a loan that is insured or guaranteed by the federal government to make certain disclosures. Specifically, prior to disbursement, the lender making such loan must disclose the (1) principal amount, interest rate, and number of required monthly payments to be made on the loan; (2) estimated balance owed by the borrower; and (3) estimated aggregate amount the borrower will pay. Prior to repayment, the lender must disclose the projected total of interest charges that the borrower will pay on the loan, as well as projections of the borrower's monthly repayment amount. Lastly, the lender must disclose certain specified information monthly, including the (1) original principal amount of each of the borrower's loans, separately and in the aggregate; (2) current balance on each loan and on all loans in the aggregate; (3) interest rate on each loan and the total amount the borrower has paid in interest; and (4) a description of each fee the borrower has been charged for the preceding installment period. The Department of Education must obtain feedback from individuals and report on the usefulness and effectiveness of such disclosures.

Student Loan Disclosure Transparency Act of 2019

Rep. Donna Shalala [D-FL]	Rep. Matt Gaetz [R-FL]	Rep. Chris Stewart [R-UT]	Rep. Ben McAdams [D-UT]
Rep. Jaime Herrera Beutler [R-WA]	Rep. Abigail Spanberger [D-VA]	Rep. Eleanor Norton [D-DC]	Rep. Sheila Jackson-Lee [D-TX]
Rep. Brian Fitzpatrick [R-PA]	Rep. James McGovern [D-MA]	Rep. Peter King [R-NY]	Rep. Elissa Slotkin [D-MI]
Rep. Julia Brownley [D-CA]	Rep. Kendra Horn [D-OK]	Rep. Harley Rouda [D-CA]	Rep. Terri Sewell [D-AL]
Rep. Ron Kind [D-WI]	Rep. Greg Stanton [D-AZ]	Rep. Susan Brooks [R-IN]	Rep. Mike Quigley [D-IL]
Rep. Angela Craig [D-MN]	Rep. Jim Cooper [D-TN]	Rep. Michael Waltz [R-FL]	Rep. Eliot Engel [D-NY]
Rep. Ann Kuster [D-NH]	Rep. John Rutherford [R-FL]	Rep. Jamie Raskin [D-MD]	Rep. David Scott [D-GA]
Rep. Mario Diaz-Balart [R-FL]	Rep. Josh Harder [D-CA]	Rep. Darren Soto [D-FL]	Rep. Tim Ryan [D-OH]
Rep. Jason Crow [D-CO]	Rep. Bill Johnson [R-OH]	Rep. Haley Stevens [D-MI]	Rep. Ted Lieu [D-CA]
Rep. Henry Cuellar [D-TX]	Rep. Jenniffer Gonzalez-Colon [R-PR]	Rep. Bennie Thompson [D-MS]	Rep. Dan Crenshaw [R-TX]
Rep. Pete Stauber [R-MN]	Rep. Cindy Axne [D-IA]	Rep. Cheri Bustos [D-IL]	Rep. Max Rose [D-NY]
Rep. Kim Schrier [D-WA]

Date	Chamber	Action
2019-08-16	House	Referred to the House Committee on Education and Labor.
2019-08-16	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/4193/all-info
Text	https://www.congress.gov/116/bills/hr4193/BILLS-116hr4193ih.pdf