Page:United States Statutes at Large Volume 122.djvu/3252

 12 2 STA T .3 22 9PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (VI)theda te onw h ic hthec ur rent s er v icer (as o f the date of the notice) wi l l sto p acceptin g pa ym ents and ‘‘(VII) the date on which the new servicer will b egin accepting payments; and ’ ’ . (d) RESTRIC TI ON SONIN DU CE M ENTS ,PAY MENTS, M AI L IN G S, AND A D V ERTISING. — Paragraph ( 3 ) of section 428 (b) (2 0U . S . C . 1 0 7 8(b)(3)) is amended to read as follows

‘‘(3) RESTRICTIONS ON INDUCEMENTS, P AYMENTS, MAILINGS, AND ADVERTISING.—A guaranty agency shall not— ‘‘(A) offer, directly or indirectly, premiums, payments, stoc k or other securities, pri z es, travel, entertainment e x penses, tuition payment or reimbursement, or other inducements to— ‘‘(i) any institution of higher education or the employees of an institution of higher education in order to secure applicants for loans made under this part; or ‘‘(ii) any lender, or any agent, employee, or inde - pendent contractor of any lender or guaranty agency, in order to administer or market loans made under this part (other than a loan made as part of the guar- anty agency’s lender-of-last-resort program pursuant to section 428( j )), for the purpose of securing the des- ignation of the guaranty agency as the insurer of such loans; ‘‘( B ) conduct unsolicited mailings, by postal or elec- tronic means, of student loan application forms to students enrolled in secondary schools or postsecondary educational institutions, or to the families of such students, except that applications may be mailed, by postal or electronic means, to students or borrowers who have previously received loans guaranteed under this part by the guaranty agency; ‘‘(C) perform, for an institution of higher education participating in a program under this title, any function that such institution is re q uired to perform under this title, except that the guaranty agency may perform func- tions on behalf of such institution in accordance with sec- tion 48 5 (b); ‘‘( D ) pay, on behalf of an institution of higher education, another person to perform any function that such institu- tion is required to perform under this title, except that the guaranty agency may perform functions on behalf of such institution in accordance with section 485(b); or ‘‘( E ) conduct fraudulent or misleading advertising con- cerning loan availability, terms, or conditions. It shall not be a violation of this paragraph for a guaranty agency to provide technical assistance to institutions of higher education comparable to the technical assistance provided to institutions of higher education by the Department.’’. (e) IN F ORMATION REGARDING INCOME-BASED REPAYMENT PLANS.— (1) IN GENERAL.—Section 428(b)( 9 )(A) (20 U.S.C. 1078(b)(9)(A)) is amended— (A) in clause (iii), by striking ‘‘and’’ after the semicolon;

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