[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3002 Introduced in House (IH)]







104th CONGRESS
  2d Session
                                H. R. 3002

   To amend the Higher Education Act of 1965 to exempt certain small 
  lenders from the audit requirements of the guaranteed student loan 
                                program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 1996

   Mr. Ewing (for himself and Mr. Lewis of Kentucky) introduced the 
  following bill; which was referred to the Committee on Economic and 
                       Educational Opportunities

_______________________________________________________________________

                                 A BILL


 
   To amend the Higher Education Act of 1965 to exempt certain small 
  lenders from the audit requirements of the guaranteed student loan 
                                program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXEMPTION FROM AUDIT REQUIREMENT.

    Section 428(b)(1)(U)(iii) of the Higher Education Act of 1965 (20 
U.S.C. 1078(b)(1)(U)(iii)) is amended by inserting after ``compliance 
audit of each lender'' the following: ``that has a loan portfolio under 
this part that exceeds $10,000,000''.
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