[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1036 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1036

 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 SENATE OF THE UNITED STATES

                             July 17, 1997

  Mr. Allard (for himself and Mr. Campbell) introduced the following 
 bill; which was read twice and referred to the Committee on Labor and 
                            Human Resources

_______________________________________________________________________

                                 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 Bark 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;''.
                                 <all>