12 2 STA T .3486PUBLIC LA W 11 0– 31 5— AU G .14 , 2008 of1965,signedbyth e ap p l i c ant, in wr itten or electronic for m.‘ ‘ (B)RULEOFC O NSTR UCT I ON. —N o other pro v ision of this s u bsection shall be construed to re q uire a private educational lender to perform any additional duty under this paragraph, other than collecting the form required under subparagraph ( A ). ‘‘( 4 ) D ISCLOSURES A TT H ETI M EOF P RI V ATE E D UCATION LOAN CONSUMMATION.— C ontemporaneously with the consummation of a private education loan, a private educational lender shall ma k e to the borrower each of the disclosures described in— ‘‘(A) paragraph ( 2 )(A) (ad j usted, as necessary, for the rate of interest in effect on the date of consummation, based on the inde x used for the loan)
‘‘(B) subparagraphs (B) through ( K )and( M ) through ( P ) of paragraph (2); and ‘‘(C) paragraph ( 7 ). ‘‘(5) F ORMAT OF DISCLOSURES.— ‘‘(A) MODEL FORM.—Not later than 2 years after the date of enactment of this subsection, the Board shall, based on consumer testing, and in consultation with the S ecretary of E ducation, develop and issue model forms that may be used, at the option of the private educational lender, for the provision of disclosures required under this sub - section. ‘‘(B) FORMAT.—Model forms developed under this para- graph shall— ‘‘(i) be comprehensible to borrowers, with a clear format and design; ‘‘(ii) provide for clear and conspicuous disclosures; ‘‘(iii) enable borrowers easily to identify material terms of the loan and to compare such terms among private education loans; and ‘‘(iv) be succinct, and use an easily readable type font. ‘‘(C) SAFE HAR B OR.—Any private educational lender that elects to provide a model form developed under this subsection that accurately reflects the practices of the pri- vate educational lender shall be deemed to be in compliance with the disclosures required under this subsection. ‘‘(6) EFFECTIVE PERIOD OF APPROVED RATE OF INTEREST AND LOAN TERMS.— ‘‘(A) I N G ENERAL.— W ith respect to a private education loan, the borrower shall have the right to accept the terms of the loan and consummate the transaction at any time within 30 calendar days (or such longer period as the private educational lender may provide) following the date on which the application for the private education loan is approved and the borrower receives the disclosure docu- ments required under this subsection for the loan, and the rates and terms of the loan may not be changed by the private educational lender during that period. ‘‘(B) PROHIBITION ON CHANGES.—Except for changes based on adjustments to the index used for a loan, the rates and terms of the loan may not be changed by the private educational lender prior to the earlier of— Deadlin e .
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