Page:United States Statutes at Large Volume 122.djvu/3142

 12 2 STA T .3 11 9PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (i)ar ra ngem en tso r agreements w it h res p e c tto l oans u n d er part D o f title IV; or ‘‘(ii) arrangements or agreements with respect to loans that originate through the auction pilot program under section 49 9( b ) . ‘‘(9) PRIVATE E DUC ATI ONL OAN. —T he term ‘pri v ate edu - cation loan ’ has the meaning given the term in section 1 4 0 of the Truth in L ending A ct. ‘ ‘ SEC.152 . R ES PON S IB I L I T IES O F CO V ERE D INSTIT U TIONS , INSTITU - TION- A FFILIATED OR G ANI Z ATIONS, AND LENDERS. ‘‘(a) R E SP ONSI B ILITIES O FC OVERED INSTITUTIONS AND INSTITU- TION-AFFILIATED O R G ANI Z ATIONS.— ‘‘(1) DISCLOSURES B Y COVERED INSTITUTIONS AND INSTITU- TION-AFFILIATED ORGANIZATIONS.— ‘‘(A) PREFERRED LENDER ARRANGE M ENT DISCLOSURES.— In addition to the disclosures re q uired b y subsections (a)( 27 ) and (h) of section 4 8 7 (if applicable) , a covered institution, or an institution-affiliated organi z ation of such covered institution, that participates in a preferred lender arrangement shall disclose— ‘‘(i) on such covered institution’s or institution- affiliated organization’s website and in all informa- tional materials described in subparagraph (C) that describe or discuss education loans— ‘‘(I) the ma x imum amount of F ederal grant and loan aid under title IV available to students, in an easy to understand format; ‘‘(II) the information required to be disclosed pursuant to section 1 53 (a)(2)(A)(i), for each type of loan described in section 151(3)(A) that is offered pursuant to a preferred lender arrangement of the institution or organization to students of the institution or the families of such students; and ‘‘(III) a statement that such institution is required to process the documents required to obtain a loan under part B of title IV from any eligible lender the student selects; and ‘‘(ii) on such covered institution’s or institution- affiliated organization’s website and in all informa- tional materials described in subparagraph (C) that describe or discuss private education loans— ‘‘(I) in the case of a covered institution, the information that the Board of G overnors of the Federal Reserve S ystem requires to be disclosed under section 128(e)(11) of the Truth in Lending Act (15 U .S.C. 1 6 38(e)(11)), for each type of private education loan offered pursuant to a preferred lender arrangement of the institution to students of the institution or the families of such students; and ‘‘(II) in the case of an institution-affiliated organization of a covered institution, the informa- tion the Board of Governors of the Federal Reserve System requires to be disclosed under section 128(e)(1) of the Truth in Lending Act (15 U.S.C. 1638(e)(1)), for each type of private education loan Websit e .20USC1 01 9a .

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