Section 1 Short title
This Act may be cited as the “Protect Minority Student Borrowers Act”.
Protect Minority Student Borrowers Act
A BILL
To amend the Equal Credit Opportunity Act to prohibit discrimination based on an applicant’s institution of higher education, and for other purposes.
Sec. 2 Scope of prohibition
Prohibited discrimination— Section 701 of the Equal Credit Opportunity Act (15 U.S.C. 1691) is amended—
by redesignating subsections (b) through (e) as subsections (c) through (f), respectively; and
by inserting after subsection (a) the following:
“(b)
“(1) It shall be unlawful for any private education lender to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of the institution of higher education an applicant intends to attend, presently attends, or previously attended, including whether such institution is a minority-serving institution.
“(2) In this subsection:
“(A) The term “institution of higher education” has the meaning given such term in section 101(a) of the Higher Education Act of 1965 (20 U.S.C. 1001(a)).
“(B) The term “minority-serving institution” means an institution of higher education described in section 371(a) of the Higher Education Act of 1965 (20 U.S.C. 1067q(a)).
“(C) The term “private education lender” has the meaning given such term in section 140(a) of the Truth In Lending Act (15 U.S.C. 1650(a)).”
Civil liability— Section 706(g) of the Equal Credit Opportunity Act (15 U.S.C. 1691e(g)) is amended by striking “section 701(a)” each place it appears and inserting “subsection (a) or (b) of section 701”.
Conforming amendment— Section 603(k) of the Fair Credit Reporting Act (15 U.S.C. 1681a(k)) is amended by striking “701(d)(6)” each place it appears and inserting “701(e)(6)”.
Sec. 3 Study and report on lending discrimination
Study— The Comptroller General of the United States shall conduct a study on—
whether private education lenders (as defined in section 140(a) of the Truth in Lending Act (15 U.S.C. 1650(a))) discriminate against applicants who intend to attend, currently attend, or previously attended minority-serving institutions of higher education (as described in section 371(a) of the Higher Education Act of 1965 (20 U.S.C. 1067q(a))); and
the extent of such discrimination, if any.
Report— Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to Congress a report that contains the results of the study conducted under subsection (a).