[Congressional Record Volume 144, Number 94 (Wednesday, July 15, 1998)]
[Senate]
[Page S8261]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                   HOMEOWNERS PROTECTION ACT OF 1998

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               SANTORUM (AND SPECTER) AMENDMENT NO. 3171

  Mr. DeWINE (for Mr. Santorum for himself and Mr. Specter) proposed an 
amendment to the bill (S. 318) to require automatic cancellation and 
notice of cancellation rights with respect to private mortgage 
insurance which is required as a condition for entering into a 
residential mortgage transaction, to abolish the Thrift Depositor 
Protection Oversight Board, and for other purposes; as follows:

       Sec.  . Section 481(a)(4) of the Higher Education Act of 
     1965 (20 U.S.C. 1088(a)(4)) is amended by--
       (1) inserting the subparagraph designation ``(A)'' 
     immediately after the paragraph designation ``(4)'';
       (2) redesignating subparagraphs (A) and (B) as clauses (i) 
     and (ii), respectively; and
       (3) adding at the end thereof the following new 
     subparagraph:
       ``(B) Subparagraph (A)(i) shall not apply to a nonprofit 
     institution whose primary function is to provide health care 
     educational services (or an affiliate of such an institution 
     that has the power, by contract or ownership interest, to 
     direct or cause the direction of the institution's management 
     or policies) that files for bankruptcy under Chapter 11 of 
     Title 11 of the United States Code between July 1 and 
     December 31, 1998.''

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