H.R. 3948: Student Loan Transfers Disclosure Act of 2015

114th Congress · introduced 2015-11-05 · Education · Latest: Referred to the Subcommittee on Higher Education and Workforce Training.

federal

Follow this bill, step by step

Where it came from: introduced 2015-11-05 · official record
Who proposed it: Rep. Deutch, Theodore E. [D-FL-21] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on Higher Education and Workforce Training. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Student Loan Transfers Disclosure Act of 2015

Plain summary

Student Loan Transfers Disclosure Act of 2015 This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another. A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan. Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe. Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late. A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer. The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be liable to a borrower for failure to comply with the bill's disclosure and notice requirements with respect to events that occur before such regulations take effect. As a condition of eligibility for certain federal funding, an institution of higher education must ensure compliance with the bill's requirements.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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What does this mean? (plain words)

Official text

Student Loan Transfers Disclosure Act of 2015

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Deutch, Theodore E. [D-FL-21] · 10 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Frederica S. Wilson (D-FL), Lois Frankel (D-FL), Judy Chu (D-CA), Eleanor Holmes Norton (D-DC), Mark DeSaulnier (D-CA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr3948.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr3948 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114