Page:United States Statutes at Large Volume 90 Part 2.djvu/635

 PUBLIC LAW 94-482—OCT. 12, 1976 428 and subparagraph (B) of this paragraph in order to enable students in that State to participate in a program of student loan insurance covered by such agreements. "(B) The Commissioner may enter into an agreement with a private nonprofit institution or organization for purposes of this paragraph under which such institution or organization— "(i) agrees to establish within such State at least one office with sufficient staff to handle written and telephone inquiries from students, eligible lenders, and other persons in the State, to encourage maximum commercial lender participation within the State, and to conduct periodic visits to at least the major eligible lenders within the State, "(ii) agrees that its insurance will not be denied any student because of his choice of eligible institutions or the student's lack of need, and "(iii) certifies that it is neither an institution, nor has any substantial affiliation with an institution. EFFECTS o r

90 STAT. 2103

Agreement with private nonprofit institution or organization.

ADEQUATE NON-FEDERAL PROGRAMS

"SEC. 423. (a) Except as provided in subsections (b) and (c), the 20 USC 1073. Commissioner shall not issue certificates of insurance under section 429 to lenders in a State if he determines that every eligible institution has reasonable access in that State to a State or private nonprofit student loan insurance program which is covered by an agreement under section 428(b), "(b) The Commissioner may issue certificates of insurance under section 429 to a lender in a State—• "(1) for insurance of a loan made to a student borrower who does not, by reason of his residence, have access to loan insurance under the loan insurance program of such State (or under any private nonprofit loan insurance program which has received an advance under section 422 for the benefit of students in such State), or " (2) for insurance of all of the loans made to student borrowers by a lender who satisfies the Commissioner that, by reason of the residence of such borrowers, such lender will not have access to any single State or nonprofit private loan insurance program which will insure substantially all of the loans such lender intends to make to such student borrowers. "(c) The Commissioner shall not deny, becaiise of any provision of this section, a certificate of insurance under section 429 to any eligible lender which is an eligible institution if such lender has previously executed an agreement with the Commissioner pursuant to section 433 of this part, unless the Commissioner determines, based upon studies and surveys satisfactory to him, that access to a loan by all eligible students who make an active and diligent effort to obtain a loan under this part will be otherwise available. In order to carry out the provisions of the preceding sentence the Commissioner shall periodically assess the availability of loans to eligible students through studies and surveys undertaken by him and through review of properly conducted studies and surveys made available to him. SCOPE A N D D U R A T I O N OF FEDERAL L O A N INSURANCE PROGRAM

"SEC. 424. (a) The total principal amount of new loans made and 20 USC 1074. installments paid pursuant to lines of credit (as defined in section 435) to students covered by Federal loan insurance under this part

�