Student Loan Transfers Disclosure Act of 2015

[AI summary unavailable — showing source text] Student Loan Transfers Disclosure Act of 2015 This bill amends the Truth in Lending Act and the Higher Education Act of 1965 to establish requirements related to the transfer of servicing of postsecondary education loans. "Transfer of servicing" refers to the assignment, sale, or transfer of student loan servicing from one servicer to another. A postsecondary education lender must disclose to each loan applicant, at the time of application, whether there may be a transfer of servicing of the loan. Both the transferor servicer and the transferee servicer must provide specified notice of a transfer to the borrower within a certain timeframe. Loan payments improperly received by the transferor servicer instead of the transferee servicer (or vice versa) during the transfer period may not be treated as late. A transferee servicer shall make available a simple, online process through which the borrower may transfer any electronic fund transfer authority that the borrower had provided to the transferor servicer. The Consumer Financial Protection Bureau is authorized to establish regulations and grant reasonable exceptions in accordance with the bill. A lender shall not be l…