US SB2114 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on July 15 2019 - 25% progression, died in committee
Action: 2019-07-15 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on July 15 2019 - 25% progression, died in committee
Action: 2019-07-15 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Provides for income-share agreements whereby a student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for educational expenses. The bill places caps on the percentage of a student's future income that may go towards repayment, provides income minimums under which the required payment is zero, and establishes limitations on the length of these agreements. The bill provides for the treatment of these agreements under various laws, including tax, securities, and consumer finance laws.
Title
ISA Student Protection Act of 2019
Sponsors
Sen. Todd Young [R-IN] | Sen. Mark Warner [D-VA] | Sen. Marco Rubio [R-FL] | Sen. Christopher Coons [D-DE] |
History
Date | Chamber | Action |
---|---|---|
2019-07-15 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB1810 (Related) 2019-04-11 - Referred to the Subcommittee on Economic Opportunity.
Subjects
Administrative law and regulatory procedures
Business investment and capital
Congressional oversight
Consumer credit
Consumer Financial Protection Bureau
Debt collection
Department of Defense
Department of the Treasury
Federal preemption
Finance and financial sector
Higher education
Income tax exclusion
Military personnel and dependents
Securities
State and local government operations
Student aid and college costs
Tax administration and collection, taxpayers
Wages and earnings
Business investment and capital
Congressional oversight
Consumer credit
Consumer Financial Protection Bureau
Debt collection
Department of Defense
Department of the Treasury
Federal preemption
Finance and financial sector
Higher education
Income tax exclusion
Military personnel and dependents
Securities
State and local government operations
Student aid and college costs
Tax administration and collection, taxpayers
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/2114/all-info |
Text | https://www.congress.gov/116/bills/s2114/BILLS-116s2114is.pdf |