Full Text of HB2746 102nd General Assembly
HB2746sam001 102ND GENERAL ASSEMBLY | Sen. Scott M. Bennett Filed: 5/11/2021
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| 1 | | AMENDMENT TO HOUSE BILL 2746
| 2 | | AMENDMENT NO. ______. Amend House Bill 2746 as follows:
| 3 | | on page 1, by inserting immediately below line 6 the | 4 | | following: | 5 | | "Annual percentage rate" means the percentage rate | 6 | | calculated according to the Federal
Reserve Board's | 7 | | methodology as set forth under Regulation Z, 12 CFR Part | 8 | | 1026."; and
| 9 | | on page 1, by replacing lines 13 through 23 with the following: | 10 | | "(1) a person that provides money, payments, or | 11 | | credits to or on behalf of a borrower pursuant to the terms | 12 | | of an income share agreement; or | 13 | | (2) any other person engaged in the business of | 14 | | soliciting, making, funding, or extending
income share | 15 | | agreements."; and
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| 1 | | on page 2, by deleting lines 1 through 5; and | 2 | | on page 5, line 21, by replacing "student" with "education"; | 3 | | and | 4 | | On page 6, line 1, by replacing "education" with | 5 | | "educational"; and
| 6 | | On page 6, line 5, by replacing "education" with | 7 | | "educational"; and
| 8 | | On page 6, line 11, by replacing "education" with | 9 | | "educational"; and
| 10 | | On page 6, line 14, by replacing "education" with | 11 | | "educational"; and | 12 | | on page 6, line 17, by replacing "education" with | 13 | | "educational"; and | 14 | | on page 6, by inserting immediately below line 17 the | 15 | | following: | 16 | | "(f) Annual report exemption. A private educational lender | 17 | | that funds 10 or fewer new private education loans in a | 18 | | calendar year shall be exempt from submitting the annual | 19 | | report for that year. Any lender claiming this exemption shall |
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| 1 | | submit a statement to the Department of Financial and | 2 | | Professional Regulation and the Student Loan Ombudsman | 3 | | certifying the number of private education loans made in that | 4 | | calendar year."; and | 5 | | on page 6, by inserting immediately below line 25 the | 6 | | following: | 7 | | "(2) Contents of statements for income share | 8 | | agreements. Each statement described in
subparagraph (1) | 9 | | with respect to income share agreements, shall: | 10 | | (A) report the consumer's total amounts financed | 11 | | under each income share
agreement; | 12 | | (B) report the percentage of income payable under | 13 | | each income share agreement; | 14 | | (C) report the maximum number of monthly payments | 15 | | required to be paid under
each income share agreement; | 16 | | (D) report the maximum amount payable under each | 17 | | income share agreement; | 18 | | (E) report the maximum duration of each income | 19 | | share agreement; | 20 | | (F) report the minimum annual income above which | 21 | | payments are required under
each income share | 22 | | agreement; and | 23 | | (G) report the annual percentage rate for each | 24 | | income share agreement at the
minimum annual income | 25 | | above which payments are required and at $10,000 |
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| 1 | | income
increments thereafter up to the annual income | 2 | | where the maximum number of monthly
payments results | 3 | | in the maximum amount payable."; and | 4 | | on page 7, by replacing lines 1 through 2 with the following: | 5 | | "(3) Contents of all other loan statements. Each | 6 | | statement described in subparagraph (1) that does not fall | 7 | | under subparagraph (2) shall:"; and | 8 | | on page 7, line 8, by replacing "interest" with "annual | 9 | | percentage"; and | 10 | | on page 7, line 10, by replacing "student" with "educational"; | 11 | | and | 12 | | on page 8, line 23, by replacing "accordingly; and" with | 13 | | "accordingly;"; and | 14 | | on page 9, line 23, by replacing "period." with "period; and"; | 15 | | and | 16 | | on page 9, by inserting immediately below line 23 the | 17 | | following: | 18 | | "(3) Any institution of higher education that is also | 19 | | acting as a private educational lender shall provide the | 20 | | certification of exhaustion of federal student loan funds |
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| 1 | | described in paragraphs (1) and (2) of this subsection (c) | 2 | | to the borrower prior to disbursing funds to the borrower. | 3 | | Any institution of higher education that is not eligible | 4 | | for funding under Title IV of the federal Higher
Education | 5 | | Act of 1965 is not required to provide this certification | 6 | | to the borrower.".
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