Sponsor: Assemblymember Bob Wieckowski (D)
Summary: Current version (4/29/2013): Requires private postsecondary educational institutions to provide entrance and exit counseling with respect to any institutional or state-funded loans offered or recommended to the student by the institution or segment.
Specifies that "entrance counseling" includes providing the student with comprehensive information on the terms and conditions of the loan and of the responsibilities the student has with respect to the loan.
Specifies that "exit counseling" shall include, but not be limited to, information relating to: (i) repayment plans that are available, including a description of the different features of each plan and sample information showing the average anticipated monthly payments, and the difference in interest paid and total payments, under each plan; (ii) debt management strategies that are designed to facilitate the repayment of indebtedness; and (iii) the likely consequences of default on the loan, including adverse credit reports, delinquent debt collection procedures, and litigation.
Current version (4/30/2013): http://www.leginfo.ca.gov/pub/13-14/bill/asm/ab_0501-0550/ab_534_bill_20130429_amended_asm_v97.html
As introduced: http://www.leginfo.ca.gov/pub/13-14/bill/asm/ab_0501-0550/ab_534_bill_20130220_introduced.html
Status: Introduced 2/20/2013. Referred to Assembly Committee on Higher Education 3/4/2013. Hearing held 4/23/2013. Reported favorably 4/25/2013. Amended 4/29/2013. Referred to Assembly Appropriations Committee 4/30/2013. Hearing cancelled 5/8/2013. Failed to meet chamber passage deadline 1/31/2014.
Outlook: This measure has failed to meet the January 31 chamber passage deadline established by Joint Rule 61(b)(3). Pursuant to Article IV, Section 10(c) of the state constitution this measure has died and is unable to receive further consideration this session.
*Information provided by www.stateside.com.