A bill to provide the legal framework and income tax treatment necessary for the growth of innovative private financing options, and for other purposes.
About This Bill
Committee
Latest Action · July 15, 2019
Read twice and referred to the Committee on Finance.
ISA Student Protection Act of 2019
This bill provides for income-share agreements whereby a student agrees to pay a percentage of future income, for a specified period of time, in exchange for funds to pay for educational expenses.
The bill places caps on the percentage of a student's future income that may go towards repayment, provides income minimums under which the required payment is zero, and establishes limitations on the length of these agreements.
The bill provides for the treatment of these agreements under various laws, including tax, securities, and consumer finance laws.
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