110 HR 7072 IH: To make technical corrections in the Ensuring Continued U.S. House of Representatives 2008-09-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 7072 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. Fortuño, 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.

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 .