Outcomes-Based Financing (OBF) for Students Act

(a) In general. Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall modify Treasury regulations and guidance to provide for continuing consent (via hand signature and electronic signature) to disclosure of an individual’s tax return information to an OBF provider (or the OBF provider’s successor in interest) under an OBF product, but only for periods relevant to, and only to the extent the Secretary determines is necessary and appropriate in carrying out the terms of, such OBF product.

(b) Definitions. In this section, the terms OBF product and OBF provider have the meanings given such terms in subsection (h) of section 140 of the Truth in Lending Act (15 U.S.C. 1650(h)), as added by this Act.