Page:United States Statutes at Large Volume 106 Part 3.djvu/210

 106 STAT. 2004 PUBLIC LAW 102-408—OCT. 13, 1992 "(C) for such loans made after such date, the loan involved was made in an amount of less than $2,500. " (2) RELATIONSHIP TO CLAIM FOR PAYMENT.— With respect to an eligible lender or holder that has commenced an action pursuant to subsection (a), the Secretary shall make the pay- ment required in such subsection, or deny the claim for such payment, not later than 60 days after the date on which the Secretary determines that the lender or holder has made reasonable efforts to secure a judgment and collect on the judgment entered into pursuant to this subsection. " (3) STATE COURT JUDGMENTS.— With respect to any State court judgment that is obtained by a lender or holder against a borrower for default on a loan insured under this subpart and that is subrogated to the United States under subsection (b), any United States attorney may register such judgment with the Federal courts for enforcement. "(i) INAPPLICABILITY OF FEDERAL AND STATE STATUTE OF LIMITATIONS ON ACTIONS FOR LOAN COLLECTION. — Notwithstanding any other provision of Federal or State law, there shall be no limitation on the period within which suit may be filed, a judgment may be enforced, or an offset, garnishment, or other action may be initiated or taken by the Secretary, the Attorney General, or other administrative head of another Federal agency, as the case may be, for the repayment of the amount due from a borrower on a loan made under this subpart that has been assigned to the Secretary under subsection (b). 42 USC 292g. "SEC. 708. RISK-BASED PREMIUMS. "(a) AUTHORITY. —With respect to a loan made under this subpart on or after January 1, 1993, the Secretary, in accordance with subsection (b), shall assess a risk-based premium on an eligible borrower and, if required under this section, an eligible institution that is based on the default rate of the eligible institution involved (as defined in section 719). "(b) ASSESSMENT OF PREMIUM. —Except as provided in subsection (d)(2), the risk-based premium to be assessed under subsection (a) shall be as follows: "(1) LOW-RISK RATE. —With respect to an eligible borrower seeking to obtain a loan for attendance at an eligible institution that has a default rate of not to exceed five percent, such borrower shall be assessed a risk-based premium in an amount equal to 6 percent of the principal amount of the loan. "(2) MEDIUM-RISK RATE.— "(A) IN GENERAL.—With respect to an eligible borrower seeking to obtain a loan for attendance at an eligible institution that has a default rate of in excess of five percent but not to exceed 10 percent— "(i) such borrower shall be assessed a risk-based premium in an amount equal to 8 percent of the principal amount of the loan; and "(ii) such institution shall be assessed a risk-based premium in an amount equal to 5 percent of the principal amount of the loan. "(B) DEFAULT MANAGEMENT PLAN.— An institution of the type described in subparagraph (A) shall prepare and submit to the Secretary for approval, an annual default management plan, that shall specify the detailed short-

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