Page:United States Statutes at Large Volume 122.djvu/3336

 12 2 STA T .3 313 PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8‘ ‘ (A)PROHIB I T IO N.—Theinst it u ti o nsh al l not ente r into an y re v enue - sharin g arrange m ent w ith any len d er. ‘‘( B ) DEF INITION.— F or p urposes o f this paragraph , the term ‘revenue-sharing arrangement ’ means an arrange- ment b etween an institution and a lender under whi c h— ‘‘(i) a lender provides or issues a loan that is made, insured, or guaranteed under this title to students attending the institution or to the families of such students and ‘‘(ii) the institution recommends the lender or the loan products of the lender and in e x change, the lender pays a fee or provides other material benefits, including revenue or profit sharing, to the institution, an officer or employee of the institution, or an agent. ‘‘( 2 ) G IFT B A N.— ‘‘(A) PROHIBITION.— N o officer or employee of the institution who is employed in the financial aid office of the institution or who otherwise has responsibilities with respect to education loans, or agent who has responsibilities with respect to education loans, shall solicit or accept any gift from a lender, guarantor, or servicer of education loans. ‘‘(B) DEFINITION OF G IFT.— ‘‘(i) I N GENERA L .—In this paragraph, the term ‘gift’ means any gratuity, favor, discount, entertainment, hospitality, loan, or other item having a monetary value of more than a de minimus amount. The term includes a gift of services, transportation, lodging, or meals, whether provided in k ind, by purchase of a ticket, payment in advance, or reimbursement after the expense has been incurred. ‘‘(ii) EXC E P TION S .—The term ‘gift’ shall not include any of the following

‘‘(I) S tandard material, activities, or programs on issues related to a loan, default aversion, default prevention, or financial literacy, such as a brochure, a workshop, or training. ‘‘(II) Food, refreshments, training, or informa- tional material furnished to an officer or employee of an institution, or to an agent, as an integral part of a training session that is designed to improve the service of a lender, guarantor, or servicer of education loans to the institution, if such training contributes to the professional development of the officer, employee, or agent. ‘‘(III) Favorable terms, conditions, and bor- rower benefits on an education loan provided to a student employed by the institution if such terms, conditions, or benefits are comparable to those provided to all students of the institution. ‘‘(I V ) Entrance and exit counseling services provided to borrowers to meet the institution’s responsibilities for entrance and exit counseling as re q uired by subsections (b) and (l) of section 485, as long as— ‘‘(aa) the institution’s staff are in control of the counseling, (whether in person or via electronic capabilities); and

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