Page:United States Statutes at Large Volume 121.djvu/829

 121 STAT. 808

20 USC 1087vv note.

PUBLIC LAW 110–84—SEPT. 27, 2007

‘‘(n) SPECIAL COMBAT PAY.—The term ‘special combat pay’ means pay received by a member of the Armed Forces because of exposure to a hazardous situation.’’. (b) EFFECTIVE DATE.—The amendments made by this section shall be effective on July 1, 2009.

TITLE VII—COMPETITIVE LOAN AUCTION PILOT PROGRAM SEC. 701. COMPETITIVE LOAN AUCTION PILOT PROGRAM.

Title IV (20 U.S.C. 1070 et seq.) is further amended by adding at the end the following:

‘‘PART I—COMPETITIVE LOAN AUCTION PILOT PROGRAM 20 USC 1099d.

Effective date. Termination date.

dkrause on GSDDPC44 with PUBLAW

Effective date.

VerDate Aug 31 2005

13:52 Jan 23, 2009

‘‘SEC. 499. COMPETITIVE LOAN AUCTION PILOT PROGRAM.

‘‘(a) DEFINITIONS.—In this section: ‘‘(1) ELIGIBLE FEDERAL PLUS LOAN.—The term ‘eligible Federal PLUS Loan’ means a loan described in section 428B made to a parent of a dependent student who is a new borrower on or after July 1, 2009. ‘‘(2) ELIGIBLE LENDER.—The term ‘eligible lender’ has the meaning given the term in section 435. ‘‘(b) PILOT PROGRAM.—The Secretary shall carry out a pilot program under which the Secretary establishes a mechanism for an auction of eligible Federal PLUS Loans in accordance with this subsection. The pilot program shall meet the following requirements: ‘‘(1) PLANNING AND IMPLEMENTATION.—During the period beginning on the date of enactment of this section and ending on June 30, 2009, the Secretary shall plan and implement the pilot program under this subsection. During the planning and implementation, the Secretary shall consult with other Federal agencies with knowledge of, and experience with, auction programs, including the Federal Communication Commission and the Department of the Treasury. ‘‘(2) ORIGINATION AND DISBURSEMENT; APPLICABILITY OF SECTION 428B.—Beginning on July 1, 2009, the Secretary shall arrange for the origination and disbursement of all eligible Federal PLUS Loans in accordance with the provisions of this subsection and the provisions of section 428B that are not inconsistent with this subsection. ‘‘(3) LOAN ORIGINATION MECHANISM.—The Secretary shall establish a loan origination auction mechanism that meets the following requirements: ‘‘(A) AUCTION FOR EACH STATE.—The Secretary administers an auction under this paragraph for each State, under which eligible lenders compete to originate eligible Federal PLUS Loans under this paragraph at all institutions of higher education within such State. ‘‘(B) PREQUALIFICATION PROCESS.—The Secretary establishes a prequalification process for eligible lenders desiring to participate in an auction under this paragraph that contains, at a minimum—

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