H.R. 9469

Outcomes-Based Financing (OBF) for Students Act

1 cosponsor

Ritchie Torres

Where it stands

Introduced Jun 25
Committee Now
House of Representatives —
Senate —
Law —

Introduced Jun 25
Committee Now
House of Representatives —
Senate —
Law —

Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, Education and Workforce, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (Jun 25)

Votes

No roll-call votes yet.

Official summary

No official summary yet.

Text of the bill

Expand all

Sec. 1. Short title; table of contents

I Tax treatment of OBF products

Sec. 101. Exclusion of income from discharge of indebtedness

Sec. 102. Treatment as interest on education loan

Sec. 103. Amounts treated as educational assistance

Sec. 104. Treatment of amounts received by OBF provider

II Disclosures applicable to OBF products

Sec. 201. Disclosures

Sec. 202. Advertising of OBF products

III Consumer protections for OBF products

Sec. 301. Consumer protections

Sec. 302. Treatment under bankruptcy laws

IV Other clarifications to support OBF products

Sec. 401. Consent to continuing release of taxpayer information under OBF products

Sec. 402. Amendments to the higher education Act of 1965

Sec. 403. Supporting outcomes-based underwriting

Sec. 404. Treatment under the Fair Credit Reporting Act

(a) Amendment. Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended by adding at the end the following:

Text this section adds to the law

(i) OBF product information

(1) In general. With respect to an OBF product (as that term is defined in subsection (h) of section 140 of the Truth in Lending Act (15 U.S.C. 1650(h))), a consumer report made by a consumer reporting agency—

(A) may include a description of the contract terms of the OBF product and, subject to subsection (a), information with respect to amounts that are owed under the OBF product; and

(B) with respect to an outcomes-based payment agreement, may not include any speculation about future amounts that may be owed under the outcomes-based payment agreement, including the reporting of any payment caps or early termination amounts.

(2) Regulations. The Bureau shall promulgate regulations with respect to the manner in which OBF providers may furnish, and consumer reporting agencies may report, information relating to OBF products.