Page:United States Statutes at Large Volume 124.djvu/2101

124 STAT. 2075 PUBLIC LAW 111–203—JULY 21, 2010 SEC. 1076. REVERSE MORTGAGE STUDY AND REGULATIONS. (a) STUDY.—Not later than 1 year after the designated transfer date, the Bureau shall conduct a study on reverse mortgage trans- actions. (b) REGULATIONS.— (1) IN GENERAL.—If the Bureau determines through the study required under subsection (a) that conditions or limita- tions on reverse mortgage transactions are necessary or appro- priate for accomplishing the purposes and objectives of this title, including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose. (2) IDENTIFIED PRACTICES AND INTEGRATED DISCLOSURES.— The regulations prescribed under paragraph (1) may, as the Bureau may so determine— (A) identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction; and (B) provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, con- sistent with section 4302(d), that combines the relevant disclosures required under the Truth in Lending Act (15 U.S.C. 1601 et seq.) and the Real Estate Settlement Proce- dures Act, with the disclosures required to be provided to consumers for Home Equity Conversion Mortgages under section 255 of the National Housing Act. (c) RULE OF CONSTRUCTION.—This section shall not be con- strued as limiting the authority of the Bureau to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study required under subsection (a). SEC. 1077. REPORT ON PRIVATE EDUCATION LOANS AND PRIVATE EDUCATIONAL LENDERS. (a) REPORT.—Not later than 2 years after the date of enactment of this Act, the Director and the Secretary of Education, in consulta- tion with the Commissioners of the Federal Trade Commission, and the Attorney General of the United States, shall submit a report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives, on private education loans (as that term is defined in section 140 of the Truth in Lending Act (15 U.S.C. 1650)) and private educational lenders (as that term is defined in such section). (b) CONTENT.—The report required by this section shall examine, at a minimum— (1) the growth and changes of the private education loan market in the United States; (2) factors influencing such growth and changes; (3) the extent to which students and parents of students rely on private education loans to finance postsecondary edu- cation and the private education loan indebtedness of bor- rowers; (4) the characteristics of private education loan borrowers, including— 12 USC 5602.