[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7072 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7072

   To make technical corrections in the Ensuring Continued Access to 
                       Student Loans Act of 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 2008

   Mr. McKeon (for himself, Mr. Keller of Florida, Mr. Hoekstra, Mr. 
   Platts, Mr. Wilson of South Carolina, Mr. Kline of Minnesota, Mr. 
  Marchant, Mr. Fortuno, Mr. Boustany, Mr. Bishop of Utah, Mr. David 
 Davis of Tennessee, and Mrs. Biggert) introduced the following bill; 
       which was referred to the Committee on Education and Labor

_______________________________________________________________________

                                 A BILL


 
   To make technical corrections in the Ensuring Continued Access to 
                       Student Loans Act of 2008.

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

SECTION 1. CLARIFICATION OF STUDENT LOAN PURCHASE AUTHORITY.

    (a) Authority to Purchase.--Subsection (a) of section 459A of the 
Higher Education Act of 1965 (20 U.S.C. 1087i-1(a)) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``or enter into forward'' and 
                inserting ``or enter into and fund forward'';
                    (B) by inserting ``428F,'' before ``or 428H, 
                whether''; and
                    (C) by inserting ``, or qualifying for loan 
                rehabilitation under section 428F,'' before ``on or 
                after October 1, 2003''; and
            (2) by adding at the end the following new paragraph:
            ``(3) Notice of purchase of loans qualifying for loan 
        rehabilitation.--The Secretary, the Secretary of the Treasury, 
        and the Director of the Office of Management and Budget, shall, 
        prior to any purchase of loans qualifying for loan 
        rehabilitation under section 428F, jointly publish a notice in 
        the Federal Register containing the information required under 
        subparagraphs (A) through (C) of paragraph (2) with respect to 
        the purchase of loans under such section.''.
    (b) Continued Participation as Condition of Purchase.--Subsection 
(b) of such section 459A is amended to read as follows:
    ``(b) Continued Participation as Condition of Purchase.--The 
Secretary shall require, as a condition of any purchase or forward 
commitment to purchase under subsection (a), that the lender shall 
originate or purchase new Federal loans, as authorized under part B of 
this title.''.
    (c) Maintaining Servicing Arrangements.--Subsection (c) of such 
section 459A is amended--
            (1) by striking ``Secretary may'' and all that follows 
        through ``, provided'' and inserting ``Secretary shall enter 
        into a contract for servicing of the loans being purchased 
        under this section with the current servicer of such loans, 
        provided'';
            (2) by striking ``and'' at the end of paragraph (1);
            (3) by redesignating paragraph (2) as paragraph (3); and
            (4) by inserting after paragraph (1) the following new 
        paragraph:
            ``(2) the servicer meets the requirements of each 
        applicable Federal law and regulation with respect to the 
        servicing of Federal student loans, as determined by the 
        Secretary; and''.
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