Page:United States Statutes at Large Volume 122.djvu/3505

 12 2 STA T .348 2 PUBLIC LA W 11 0– 31 5— AU G .14 , 2008 (c)DISCLO S URE SO FR EI MB URSEME NT S FOR S ER V ICE ON AD VISOR YB O A RDS .— S e c tion485 o f t h e H i g he rEdu c a tion Act of 196 5( 20U .S. C . 1092) , a s a m ended by this Act, is further amended by adding at the end the fo l lo w ing

‘(m) DISCLOSURES OF REIMBURSEMENTS FOR SERVICE ON ADVISORY BOARDS.— ‘‘(1) DISCLOSURE.—Each institution of higher education p articipating in any program under this title shall report, on an annual basis, to the Secretary, any reasonable e x penses paid or pro v ided under section 140(d) of the T ruth in L ending Act to any employee who is employed in the financial aid office of the institution, or who otherwise has responsibilities with respect to education loans or other financial aid of the institution. Such reports shall include— ‘‘(A) the amount for each specific instance of reasonable expenses paid or provided ‘‘(B) the name of the financial aid official, other employee, or agent to whom the expenses were paid or provided; ‘‘(C) the dates of the activity for which the expenses were paid or provided; and ‘‘(D) a brief description of the activity for which the expenses were paid or provided. ‘‘(2) RE P ORT TO CON G RESS.—The Secretary shall summari z e the information received from institutions of higher education under paragraph (1) in a report and transmit such report annually to the authorizing committees. ’ ’. SEC.10 1 2 .C IV I L LI AB ILI TY . (a) I N G ENERAL.—Section 1 3 0 of the Truth in Lending Act (15 U.S.C. 1640) is amended— (1) in subsection (a)— (A) in paragraph (3), by inserting ‘‘or 128(e)( 7 )’’ after ‘‘section 125’’; and (B) in the fourth sentence of the undesignated matter at the end— (i) by stri k ing ‘‘125 or’’ and inserting ‘‘125,’’; and (ii) by inserting ‘‘of subparagraphs (A), (B), (D), ( F ),or( J ) of section 128(e)(2) (for purposes of paragraph (2) or (4) of section 128(e)), or paragraph (4)(C), (6), (7), or (8) of section 128(e),’’ before ‘‘or for failing’’; (2) in subsection (e), by inserting before the first period the following: ‘‘or, in the case of a violation involving a private education loan (as that term is defined in section 140(a)), 1 year from the date on which the first regular payment of principal is due under the loan’’; and (3) by adding at the end the following: ‘‘( j ) P RIVATE EDUCATIONAL LENDER.—A private educational lender (as that term is defined in section 140(a)) has no liability under this section for failure to comply with section 128(e)(3)).’’. (b) EFFECTIVE DATE.—The amendments made by this section shall have the same effective date as provisions referred to in section 1003(b). 15USC 1 640note.D e adli ne. R e p o r t s . Deadline.

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