[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2311 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2311

 To amend section 435(d)(1)(A)(ii) of the Higher Education Act of 1965 
         with respect to the definition of an eligible lender.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 1997

Mr. Bob Schaffer (for himself, Mr. Cunningam, Ms. DeGette, Mr. Hefley, 
 Mr. McInnis, Mr. Dan Schaefer of Colorado, and Mr. Skaggs) introduced 
 the following bill; which was referred to the Committee on Education 
                           and the Workforce

_______________________________________________________________________

                                 A BILL


 
 To amend section 435(d)(1)(A)(ii) of the Higher Education Act of 1965 
         with respect to the definition of an eligible lender.

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

SECTION 1. SHORT TITLE.

    This Act maybe cited as the ``Kid's Bank Act.''

SEC. 2. DEFINITION OF ELIGIBLE LENDER.

    Section 435(d)(1)(A)(ii) of the Higher Education Act of 1965 (20 
U.S.C. 1085(d)(1)(A)(ii)) is amended--
            (1) in subclause (I), by striking ``or'' after ``1992,''; 
        and
            (2) by striking the semicolon at the end and inserting ``, 
        or (III) it is a bank that is a wholly owned subsidiary of a 
        nonprofit foundation, the foundation is described in section 
        501(c)(3) of the Internal Revenue Code of 1986 and exempt from 
        taxation under section 501(a) of such Code, and the bank makes 
        loans under this part only to undergraduate students who are 
        age 22 or younger and has a portfolio of such loans that is not 
        more than $10,000,000;''.
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