Page:United States Statutes at Large Volume 100 Part 2.djvu/301

 PUBLIC LAW 99-498—OCT. 17, 1986

100 STAT. 1403

"(2) DELEGABLE FUNCTIONS.—The functions which may be delegated pursuant to this subsection are— "(A) reviewing applications for loan insurance under section 429 and issuing contracts for Federal loan insurance, certificates of insurance, and certificates of comprehensive insurance coverage to eligible lenders which are financial or credit institutions subject to examination and supervision by an agency of the United States or of any State; "(B) receiving claims for payments under section 430(a), examining those claims, and pursuant to regulations of the i^ Secretary, approving claims for payment, or requiring lenders to take additional collection action as a condition for payment of claims; and «-- ' "(C) certifying to the central office when collection of defaulted loans has been completed, compromising or agreeing to the modification of any Federal claim against a borrower (pursuant to regulations of the Secretary issued under section 432(a)), and recommending litigation with respect to any such claim.

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Insurance. Contracts.

Claims.

"(e) USE OF INFORMATION ON BORROWERS.—Notwithstanding any

other provision of law, the Secretary may provide to eligible lenders, and to any guaranty agency having a guaranty agreement under section 428(c)(1), any information with respect to the names and addresses of borrowers or other relevant information which is available to the Secretary, from whatever source such information may be derived. "(f) AUDIT OF FINANCIAL TRANSACTIONS.— "(1) COMPTROLLER GENERAL AND INSPECTOR GENERAL AUTHOR-

ITY.—The Comptroller General and the Inspector General of the Department of Education shall each have the authority to \ conduct an audit of the financial transactions of— "(A) any guaranty agency operating under an agreement j' with the Secretary pursuant to section 428(b); V "(B) any eligible lender as defined in section 435(d)(1)(D), (F),or(H); ^ "(C) a representative sample of eligible lenders under this t part, upon the request of the Committee on Education and 3 Labor of the House of Representatives or the Committee on Labor and Human Resources of the Senate, with respect to i the payment of the special allowance under section 438 in order to evaluate the program authorized by this part; and f^ •«_ "(D) any Authority required to file a plan for doing i business under section 438(d). , "(2) ACCESS TO RECORDS.—For the purpose of carrying out this subsection, the records of any entity described in subparagraph (A), (B), (C), or (D) of paragraph (1) shall be available to the Comptroller General and the Inspector General of the Department of Education. For the purpose of section 716(c) of title 31, United States Code, such records shall be considered to be records to which the Comptroller General has access by law, and for the purpose of section 6(a)(4) of the Inspector General Act of 1978, such records shall be considered to be records 5 USC app. necessary in the performance of functions assigned by that Act to the Inspector General. "(3) DEFINITION OF RECORDS.—For the purpose of this subsection, the term 'record' includes any information, document,
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