H.R. 1143 · 117th Congress · House

LOAN Act

Active· Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Introduced
Feb 18, 21
Passed House
Pending
Passed Senate
Pending
Sent to President
Pending
Signed into Law
Pending

Executive Summary

Lenders Offer Assistance Now Act or the LOAN Act

This bill requires the discharge of a private education loan in the event of the student borrower's disability. Such a discharge is not considered income for tax or other purposes. Additionally, the bill prohibits the automatic default of a private education loan due to the disability of a loan cosigner.

Furthermore, the bill generally permits the discharge of student loans in bankruptcy. Under current law, student loans are not dischargeable in bankruptcy unless repayment would be an undue hardship to the debtor and the debtor's dependents.

Action Timeline

6
  1. APR 28, 2021•Committee

    Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

  2. FEB 18, 2021•IntroReferral

    Introduced in House

  3. FEB 18, 2021•IntroReferral

    Introduced in House

  4. FEB 18, 2021•IntroReferral

    Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Ways and Means, 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.

  5. FEB 18, 2021•IntroReferral

    Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Ways and Means, 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.

  6. FEB 18, 2021•IntroReferral

    Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, and Ways and Means, 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.

Committees

4

Administrative State, Regulatory Reform, and Antitrust Subcommittee

hsju05

Referred: Apr 28, 2021

Active

Ways and Means Committee

hswm00

Referred: Feb 18, 2021

Active

Judiciary Committee

hsju00

Referred: Feb 18, 2021

Active

Financial Services Committee

hsba00

Referred: Feb 18, 2021

Active