Page:United States Statutes at Large Volume 106 Part 1.djvu/572

 106 STAT. 540 PUBLIC LAW 102-325—JULY 23, 1992 "(h) EVALUATION.—Not later than 3 years after the date of enactment of this Act, the Comptroller General shall submit to the Chairman of the Senate Labor and Human Resources Committee and the House Committee on Education and Labor, an evaluation of the provisions of this section including, but not hmited to, the following: "(1) The effectiveness of due diligence performed by lenders and servicers receiving designation as exceptional lenders or servicers from the perspective of securing maximum collections from borrowers. "(2) A quantification of the dollar volume of claims that were paid to exceptional lenders and servicers that would not have been paid under applicable program provisions prior to the enactment of this section. "(3) An assessment of the impact of this section on the financial condition of guaranty agencies. "(4) An assessment of the savings to lenders, servicers, and guaranty agencies resulting from designation as exceptional performance. "(5) An identification of specific administration steps that lenders, servicers, and guaranty agencies do not have to perform as a result of designation as exceptional lenders, servicers, or guaranty agencies. "(6) A recommendation for program modifications applicable to all program participants based on the findings of the evaluation. "(7) A recommendation for modifications to this section and whether the program should be continued, "(i) TERMINATION. — After receipt of the study authorized in subsection (h), the Secretary may terminate such progreim if he determines such termination to be in the fiscal interest of the United States, "(j) DEFINITIONS.— For the purpose of this section— "(1) the term 'due diligence requirements' means the activities required to be performed by lenders on delinquent loans pursuant to regulations issued by the Secretary; "(2) the term 'eligible loan' means a loan made, insured or guaranteed under part B of title IV; "(3) the term 'servicer' means an entity servicing and collecting student loans which— "(A) has substantial experience in servicing and collecting consumer loans or student loans; "(B) has an independent financial audit annually which is furnished to the Secretary and any other parties designated by the Secretary; "(C) has business systems which are capable of meeting the requirements of part B of title IV; "(D) has adequate personnel who are knowledgeable about the student login programs authorized by part B of title rV; and "(E) does not have any owner, majority shareholder, director, or officer of the entity who has been convicted of a felony.

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