Page:United States Statutes at Large Volume 100 Part 2.djvu/424

 100 STAT. 1526 '

20 USC ii32d-i.

PUBLIC LAW 99-498—OCT. 17, 1986 '- '

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GENERAL PROVISIONS FOR LOAN PROGRAM

"SEC. 732. (a) CONCLUSIVENESS OF SECRETARY'S TRANSACTIONS.—

Financial transactions of the Secretary, except with respect to administrative expenses, shall be final and conclusive on all officers of the Government and shall not be reviewable by any court. "(b) GENERAL AUTHORITY.—In the performance of, and with respect to, the functions vested in the Secretary by this part, the Secretary may— Regulations. "(1) prescribe such rules and regulations as may be necessary to carry out the purposes of this part; Courts, U.S. "(2) sue and be sued in any court of record of a State having general jurisdiction or in any district court of the United States, and such district courts shall have jurisdiction of civil actions arising under this part without regard to the amount in controversy, and any action instituted under this subsection by or against the Secretary shall survive notwithstanding any change in the person occupying the office of the Secretary or any - ' ly. vacancy in such office; but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Secretary or property under his control, and nothing herein shall be construed to except litigation arising out of activities under this part from the application of sections 507(b) and 517 and 2679 of title 28, United States Code; "(3) foreclose on any property and bid for and purchase at any foreclosure, or any other sale, any property in connection with which the Secretary has made a loan pursuant to this part; in the event of such an acquisition, notwithstanding any other provisions of law relating to the acquisition, handling, or disposal of real property by the United States, the Secretary may complete, administer, remodel and convert, dispose of, lease, and otherwise deal with, such property; except that (A) such action shall not preclude any other action by the Secretary to State and local recover any deficiency in the amounts loaned, and (B) any such governments. acquisition of real property shall not deprive any State or political subdivision thereof of its civil or criminal jurisdiction in and over such property or impair the civil rights under the State or local laws of the inhabitants on such property; "(4) sell, exchange, or lease real or personal property and securities or obligations; Contracts. "(5) modify, with respect to the rate of interest, the time of. payment of principal, interest, security, or any other term of ^ any contract or agreement to which the Secretary is a party, including— "(A) granting a moratorium on the repayment of principal or interest to a party temporarily unable to make such repayment without undue financial hardship provided the
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applicant files, and the Secretary approves, a plan to make repayment; and "(B) granting to a borrower of a loan made before October 1, 1986, the option of repaying the loan at a discount computed in accordance with subsection (c) if the Secretary has received satisfactory assurances that the facilities financed with the loan will continue to be used for purposes related to the educational institution for the original term of the loan, and the prepayment is (i) made from non-Federal sources, (ii) not derived from proceeds of obliga-

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