Page:United States Statutes at Large Volume 122.djvu/3144

 12 2 STA T .3 121 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8atorp r i ortot he ti m e the l e nd er di sbu rses su c h loan , the lender shall pro v ide the prospective borro w er or borrower, in writin g( including through electronic means ) , with the disclosures described in subsections (a) and (c) o f section 43 3 .‘ ‘(ii) PRIVATE E DUC ATI ONL OAN S . —F oreachofa lender ’ s private education loans, the lender shall compl y with the disclosure re q uirements under section 128 (e) of the T ruth in L ending A ct (1 5U . S . C .1 6 38(e)). ‘‘( B ) D ISCLOSURES TO T H E SECRETAR Y .— ‘‘(i) I N G ENERAL.— E ach lender of a loan made, insured, or guaranteed under part B of title I V shall, on an annual basis, report to the Secretary— ‘‘(I) any reasonable e x penses paid or provided under section 435(d)(5)(D) or paragraph (3)(B) or ( 7 ) of section 487(e) to any agent of a covered institution who— ‘‘(aa) is employed in the financial aid office of a covered institution or ‘‘(bb) otherwise has responsibilities with respect to education loans or other financial aid of the institution; and ‘‘(II) any similar expenses paid or provided to any agent of an institution - affiliated organi z a- tion who is involved in the practice of recom- mending, promoting, or endorsing education loans. ‘‘(ii) CONTENTS O F RE P ORTS.—Each report described in clause (i) shall include— ‘‘(I) the amount for each specific instance in which the lender provided such expenses; ‘‘(II) the name of any agent described in clause (i) to whom the expenses were paid or provided; ‘‘(III) the dates of the activity for which the expenses were paid or provided; and ‘‘(IV) a brief description of the activity for which the expenses were paid or provided. ‘‘(iii) R EPORT TO CONGRESS.—The Secretary shall summarize the information received from the lenders under this subparagraph in a report and transmit such report annually to the authorizing committees. ‘‘(2) CERTIFICATION B Y LENDERS.— N ot later than 18 months after the date of enactment of the H igher Education O ppor- tunity Act— ‘‘(A) in addition to any other disclosure required under Federal law, each lender of a loan made, insured, or guaranteed under part B of title IV that participates in one or more preferred lender arrangements shall annually certify the lender’s compliance with the requirements of this Act; and ‘‘(B) if an audit of a lender is required pursuant to section 428(b)(1)(U)(iii), the lender’s compliance with the requirements under this section shall be reported on and attested to annually by the auditor of such lender. Reports.D e adlin es. Deadline. Reports.

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