HR 4436 · 113th Congress · Taxation
Investing in Student Success Act of 2014
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the Subcommittee on Higher Education and Workforce Training.(2014-06-13)
Plain Language Summary
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Investing in Student Success Act of 2014 - Declares that income share agreements that meet this Act's requirements are valid, binding, and enforceable contracts that are not subject to state usury laws or state laws regulating assignments of future income. Defines an "income share agreement" as an agreement between an individual and any other person under which the individual commits to pay a specified percentage of the individual's future income, for a specified period of time, in exchange for payments to or on behalf of such individual for postsecondary education, workforce development, or other purposes. Requires such an agreement to: specify the percentage of future income the individual will be obligated to pay, but it must exempt, at a minimum, the first $10,000 (adjusted annually for inflation) of income each year; specify what will be considered the individual's income; prevent the individual from obligating more than 15% of the individual's future income toward such agreement; specify the maximum period that an individual will be obligated to make payments, not to exceed 360 months (excluding any period during which an individual's income was below the agreement'…
Summarized by Claude AI · Non-partisan · For informational purposes only