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 12 2 STA T .746PUBLIC LA W 11 0– 227 —M A Y 7, 200 8‘ ‘ (B)SEPAR A T E REP O RT ING.—Theinformat ion re qu ire d to b ere p orted under s ubpara g raph ( A )(ii)( I I) sha l lbe reported separatel y for loans originated or appro v ed pursu - ant to paragraph ( 4 ) , or payments related to su c h loans, for the time period in w hich the Secretary is authori z ed to ma k e designations under paragraph (4). ’ ’. (b) EF FE C TI V E D ATE.—The amendments made by subsection (a) shall take effect on the date of enactment of this Act. (c) R EVIE W OF IN DU CE M ENT SL IMITATIONS.— W ithin 90 days after the date of enactment of this Act, the Secretary of Education shall review, and as necessary revise, the Department of Education’s regulations concerning prohibited guaranty agency inducements to eligible lenders ( 3 4 CF R 682 .40 1 (e)) to ensure that such agencies do not engage in improper inducements in the e x pansion of oper- ations of the lender-of-last-resort program as authorized by the amendments made by this section. The Secretary shall submit a report on the review and revision required by this subsection to the Committee on Education and Labor of the H ouse of Rep- resentatives and the Committee on Health, Education, Labor, and P ensions of the Senate within 180 days after such date of enact- ment. SEC.6 . MAND A TORY AD V ANCES. (a) IN G ENERA L .—Section 421(b) of the Higher Education Act of 196 5 (20 U .S.C. 10 7 1(b)) is amended— (1) in paragraph (4), by striking ‘‘programs, and’’ and inserting ‘‘programs,’’ (2) in paragraph (5), by striking ‘‘agencies.’’ and inserting ‘‘agencies, and’’; and (3) by inserting before the matter following paragraph (5) the following

‘‘(6) there is authorized to be appropriated, and there are appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary for the purpose of carrying out section 422(c)(7).’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall take effect on the date of enactment of this Act. SEC. 7 . TEM P ORARY A U T H OR I TY TO PURCHASE STUDENT L OANS. (a) SPENDING AUT H ORIT Y .— (1) AUTHORITY GRANTED.—The first sentence of section 451(a) of the Higher Education Act of 1965 (20 U.S.C. 1087a(a)) is amended— (A) by inserting ‘‘(1)’’ after ‘‘as may be necessary’’; and (B) by inserting before the period at the end of such sentence the following: ‘‘; and (2) for purchasing loans under section 459A’’. (2) CONFORMING AMENDMENT.—Section 451(a) of such Act (20 U.S.C. 1087a(a)) is further amended by striking ‘‘Such loans shall’’ and inserting ‘‘Loans made under this part shall’’. (b) TEMPORARY AUTHORITY.—Part D of title I V of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) is amended by inserting after section 459 the following new section: ‘ ‘SEC. 459 A. TEMPORARY AUTHORITY TO PURCHASE STUDENT LOANS. ‘‘(a) AUTHORITY TO PURCHASE.— 20USC1 0 87i– 1 . 20 USC 1071 note . Ap p r opri a tion a u t h ori z ation. R eport s . D ea dl ines. Re g ulations. 20 USC 1078 note. 20 USC 1078 note.

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