Page:United States Statutes at Large Volume 90 Part 2.djvu/660

 90 STAT. 2128

Budget program, submittal. 31 USC 841 note. Integral set of accounts, maintenance. 31 USC 850.

Collection of data.

Categories.

Subcategories.

Report.

20 USC 1221c.

PUBLIC LAW 94-482—OCT. 12, 1976 "(b) The Commissioner shall, with respect to the financial operations arising by reason of this part— "(1) prepare annually and submit a budget program as provided for wholly owned Government corporations by the Government Corporation Control Act; and "(2) maintain with respect to insurance under this part an integral set of accounts, which shall be audited annually by the General Accounting Office in accordance with principles and procedures applicable to commercial corporate transactions, as provided by section 105 of the Government Corporation Control Act, except that the transactions of the Commissioner, including the settlement of insurance claims and of claims for payments pursuant to section 428, and transactions related thereto and vouchers approved by the Commissioner in connection with such transactions, shall be final and conclusive upon all accounting and other officers of the Government. "(c)(1)(A) For loans insured after December 31, 1976, or in the case of each insurer after such earlier date where the data required by this subsection are available, the Commissioner and all other insurers under this part shall collect and accumulate all data relating to (i) loan volume insured and (ii) defaults reimbursed or default rates according to the categories of loans listed in subparagraph (B) of this paragraph. "(B) The data indicated in subparagraph (A) of this paragraph shall be accumulated according to the category of lender making the loan and shall be accumulated separately for lenders who are (i) eligible institutions, (ii) State or private, nonprofit direct lenders, (iii) commercial financial institutions who are banks, savings and loan associations, or credit unions, and (iv) all other types of institutions or agencies. "(C) The Commissioner may designate such additional subcategories within the categories specified in subparagraph (B) as he deems appropriate. "(D) The category or designation of a loan shall not be changed for any reason, including its purchase or acquisition by a lender of another category. "(2)(A) The Commissioner shall collect data under this subsection from all insurers under this part and shall publish not less often than once every fiscal year a report showing loan volume guaranteed and default data for each category specified in subparagraph (B) of paragraph (1) of this subsection and for the total of all lenders. "(B) The reports specified in subparagraph (A) of this paragraph shall include a separate report for each insurer under this part including the Commissioner, and where an insurer insures loans for lenders in more than one State, such insurer's report shall list all data separately for each State. "(3) For purposes of clarity in communications, the Commissioner shall separately identify loans made by the lenders referred to in clause (i) and loans made by the lenders referred to in clause (ii) of paragraph (1)(B) of this subsection. "(d)(1) The functions of the Commissioner under this part listed in paragraph (2) of this subsection may be delegated to employees in the regional offices of the Office of Education established pursuant to section 403(c)(2) of the General Education Provisions Act. "(2) The functions which may be delegated pursuant to this subsection are— "(A) reviewing applications for loan insurance under section 429 and issuing contracts for Federal loan insurance, certificates

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