[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 2054 Introduced in Senate (IS)]







104th CONGRESS
  2d Session
                                S. 2054

   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 SENATE OF THE UNITED STATES

                           September 4, 1996

  Mr. Cochran introduced the following bill; which was read twice and 
         referred to the Committee on Labor and Human Resources

_______________________________________________________________________

                                 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--
            (1) by inserting ``in the case of any lender that 
        originates or holds more than $10,000,000 in principal on loans 
        made under this part in any fiscal year'' before ``for (I)'';
            (2) in subclause (I), by inserting ``such'' before ``lender 
        at least once'';
            (3) in subclause (II), by inserting ``such'' before ``a 
        lender that is audited''; and
            (4) by striking ``if the lender'' and inserting ``if such 
        lender''.
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