Page:United States Statutes at Large Volume 106 Part 1.djvu/559

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 527 agency, if such standards are determined by the Secretary to be in compliance with this Act; "(iv) design and implement a plan to restore the guaranty agency^s viability; "(v) provide the guaranty agency with additional advance funds in accordance with section 422(c)(7) in order to meet immediate cash needs of the guaranty agency and ensure the uninterrupted payment of claims, with such restrictions on the use of such funds, as determined appropriate by the Secretary; or "(vi) take any other action the Secretary determines necessary to ensure the continued availability of loans made under this part to residents of the State or States in which the guaranty agency did business, the full honoring of all guarantees issued by the guaranty agency prior to the Secretary's assumption of the functions of such agency, and the proper servicing of loans guaranteed by the guaranty agency prior to me Secretary assumption of the functions of such agency, and to avoid disruption of the student loan program. "(G) The Secretary may not take any action under subparagraph (E) or (F) against any guaranty agency that is backed by the full faith and credit of the State where such guaranty agency is the primary guarantor. "(H) The Secretary shall not take any action under subparagraph (E) or (F) without giving the guaranty agency notice and the opportunity for a hearing. "(I) Notwithstanding any other provision of law, the information transmitted to the Secretary pursuant to this paragraph shall be confidential and exempt from disclosure under section 552 of title 5, United States Code, relating to freedom of information, or any other Federal law. "(J) The Secretary, within 3 months after the end of each Reports, fiscal year, shall submit to the House Committee on Education and Labor and the Senate Committee on Labor and Human Resources a report specifying the Secretary's assessment of the fiscal soundness of the guaranty agency system, together with recommendations for legislative changes, if necessary, for the medntenance of a strong guaranty agency system.". (8) CONFORMING AMENDMENTS.— Section 422(c) of the Act (20 U.S.C. 1072(c)) is amended— (A) in paragraph (5), by striking "Advances pursuant to this subsection" in paragraph (5) and inserting "Except as provided in paragraph (7), advances pursuant to this subsection"; and (B) by inserting, after paragraph (6), the following new paragraph: "(7) EMERGENCY ADVANCES. — The Secretary is authorized to make advances, on terms and conditions satisfactory to the Secretary, to a guaranty agency in accordance with section 428(c)(10)(F)(v) in order to assist the agency in meeting its immediate cash needs and ensure the uninterrupted payment of default claims by lenders.", (q) ADMINISTRATIVE COST ALLOWANCES.— Section 428(f)(1) of the Act is amended— (1) in subparagraph (A)(i), by striking "commercial lender" and inserting "eligible lender"; and (2) by adding at the end the following new subparagraph: Confidential information. 20 USC 1078.

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