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CA AB1020
Bill
Status
Failed
2/1/2018
Primary Sponsor
Chris Holden
Click for details
AI Summary
- Requires lenders to disclose financing options to students before entering into student loan agreements for postsecondary education costs, in addition to disclosures already mandated under the California Finance Lenders Law
- Mandates lenders provide information about the student's repayment options if they decide to take out a loan
- Requires lenders to disclose any other information relevant to the proposed loan agreement that is reasonably requested by the student
- Establishes legislative findings that college students graduate with an average of $26,600 in student loans that cannot be discharged in bankruptcy and that students receive widely varying amounts of information before committing to loans
- Creates Chapter 1.5 in Part 65 of Division 14 of Title 3 of the Education Code to codify these financial education requirements
Legislative Description
Student loans: financial education for students regarding loans.
Last Action
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
2/1/2018
Committee Referrals
Higher Education3/6/2017
Full Bill Text
No bill text available