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Bills
Senate Bill 2544
117th Congress(2021-2022)
Ryan Frascone Memorial Student Loan Relief Act of 2021
Introduced
Introduced
Introduced in Senate on Jul 29, 2021
Overview
Text
Sponsor
Democrat
Introduced
Jul 29, 2021
Latest Action
Jul 29, 2021
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2544
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Tina Smith
Minnesota
Democrat
Chris Van Hollen
Maryland
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Ryan Frascone Memorial Student Loan Relief Act of 2021

This bill retroactively applies certain borrower protections related to cosigners of private student loans. Specifically, all private student loan agreements must (1) prohibit creditors from declaring a default or accelerating the debt of a private student loan on the sole basis of the death or bankruptcy of a cosigner to such a loan, and (2) require loan holders to release a cosigner from any obligation upon the death of the student borrower. Under current law, these protections apply only to private student loan agreements entered into on or after November 20, 2018.

Additionally, the Department of the Treasury must establish a program to purchase and retire such private student loans from loan holders suffering financial injury as a result of this bill.

Text (1)
Introduced in Senate
July 29, 2021
Related Bills (2)
May 13, 2021
Passed House
8
Sponsorship
House Bill 2547
Comprehensive Debt Collection Improvement Act
Active
Amendments
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
May 11, 2021
Introduced in House
1
Sponsorship
House Bill 3092
Ryan Frascone Memorial Student Loan Relief Act of 2021
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (2)
07/29/2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
07/29/2021
Introduced in Senate
Public Record
Record Updated
Jan 1, 2023 11:42:26 PM
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