ENROLLED
ACT No. 413
2021 Regular Session
HOUSE BILL NO. 42
BY REPRESENTATIVE DAVIS
1 AN ACT
2 To enact R.S. 17:3351(N), relative to public postsecondary education institutions; to require
3 institutions to provide students with education loan information; to require annual
4 updates of loan information to be given to students; and to provide for related
5 matters.
6 Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 17:3351(N) is hereby enacted to read as follows:
8 ยง3351. General powers, duties, and functions of postsecondary education
9 management boards
10 * * *
11 N.(1) Each board shall require each institution that is under its control and
12 that receives education loan information for a student enrolled in the institution to
13 provide information to that student in accordance with this Subsection.
14 (2) The institution shall provide the following annually:
15 (a) The total amount of education loans taken out by the student.
16 (b) The percentage of the borrowing limit the student has reached at the time
17 the information is provided.
18 (c) Monthly repayment amounts that a similarly situated borrower may incur,
19 including principal and interest, for the amount of education loans taken out by the
20 student at the time the information is provided.
21 (3) The information provided may include a statement that the estimates and
22 ranges provided are not a guarantee or promise of the actual or projected amount.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HB NO. 42 ENROLLED
1 (4) An institution shall not be held liable for information provided pursuant
2 to this Subsection.
3 (5) Nothing in this Subsection shall apply to private loans.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.