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Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
of liability for monetary damages for good faith actions and omissions within scope
of employment in connection with collection, furnishing or dissemination of
information re: registered loan originators or applicants for registration.
4814 Amendments to Truth in Savings Act of 1991 [regulating disclosure of interest
rates]
Replaces “Board” with “Agency” [i.e., Consumer Financial Protection Agency]
4815 Amendments to the Telemarketing and Consumer Fraud Abuse and Protection
Act
Establishes Consumer Financial Protection Agency as the enforcer under this Act for
entities subject to its jurisdiction and makes violation of the act by any such entity a
violation of the Consumer Financial Protection Act.
4818 Amendments to Truth in Lending Act [regarding student loans]
Before a creditor may issue funds pursuant to an extension of credit [for an
educational loan] it must receive a certification from an institution of higher
education as to the enrollment status of the borrower, costs of borrower’s attendance,
difference between borrower’s cost of attendance and borrower’s estimated financial
assistance received under the Higher Education Act and that the borrower has been
informed (i) about the availability of such financial assistance, (ii) of the borrower’s
ability to select a private educational lender of choice and (iii) of the impact of a
proposed private education loan on borrower’s eligibility for other financial
assistance; (iv) of borrower’s right to accept or reject educational loan w/in 30-day
period following approval of loan application and of borrower’s 3-day right to
cancel. Lender must determine whether borrower has applied for and exhausted
Federal financial assistance under Higher Education Act and informed borrower and
has counseled borrower on borrower’s financial aid options.
Creditor must inform relevant educational institution in writing the amount of the
extension of credit and the student on whose behalf the credit is extended on or
before disbursing funds.
Regulations to be issued within one year of enactment, to be effective within 6
months of issuance.
Study and report on private education loans and private educational lenders within
two years after enactment by Secretary of Education in consultation with
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