Page:United States Statutes at Large Volume 94 Part 2.djvu/164

 94 STAT. 1442

PUBLIC LAW 96-374—OCT. 3, 1980

not to exceed ten years and the repayment schedule may be adjusted to reflect the income of that individual.". COLLECTION PRACTICES

20 USC 1087CC. Ante, p. 1440.

Cooperative agreements with credit bureaus. 20 USC 1087gg. Ante, p. 1420.

20 USC I087dd.

Supra. 20 USC lOSTgg.

20 USC 1080.

SEC. 445. (a) Section 463(a) of the Act (as amended by section 442(b)(3)) is further amended by inserting after paragraph (6) the following new paragraph: "(7) provide that, notwithstanding any other provision of law, the Secretary will provide to the institution any information with respect to the names and addresses of borrowers or other relevant information which is available to him, from whatever source such information may be derived;". (b)(1) Section 463 of the Act is amended by adding at the end thereof the following new subsection: "(c)(1) For the purpose of promoting responsible repayment of loans made pursuant to this part, the Secretary shall enter into cooperative agreements with credit bureau organizations to provide for the exchange of information concerning student borrowers concerning whom the Secretary has received a referral pursuant to section 467. "(2) Each cooperative agreement made pursuant to paragraph (1) shall be made in accordance with requirements of section 430(b)(2) except that such agreement shall provide for the disclosure by the Secretary to such organizations, with respect to any loan for which the Secretary is responsible, of^ "(A) the date of disbursement and the amount of any such loan; "(B) information concerning collection of any such loan, including information concerning the status of any defaulted loan; and "(C) the date of cancellation of the note upon completion of repayment by the borrower of any such loan.". (2) Section 464(c)(l) of such Act is amended by striking out "and" at the end of subparagraph (G), by striking out the period at the end of subparagraph (H) and inserting in lieu thereof "; and", and by adding at the end thereof the following new subparagraph: "(I) shall contain a notice of the system of disclosure of information concerning default on such loan to credit bureau organizations under section 463(c).". (c) Section 467 of the Act is amended by inserting "(a)" after "SEC. 467." and by adding at the end thereof the following new subsection: "(b) The Secretary shall continue to attempt to collect any loan assigned under section 463(a)(5) or (6) or referred under subsection (a) of this section until a date which is not earlier than four years after the date of default (determined in a manner consistent with section 430(e)).". INTEREST RATES

20 USC I087dd.

SEC. 446. Section 464(c)(l)(D) of the Act is amended by inserting immediately after "3 per centum per annum" the following: "or 4 per centum per annum in the case of any loan made on or after October 1, 1980". STUDENT LOAN INFORMATION PROGRAM AUTHORIZED

20 USC 1087CC.

Post, p. 1443.

SEC. 447. (a) Section 463(a) of the Act (as amended by section 442flbX3)) is amended by inserting immediately after paragraph (7) the following new paragraph: "(8) provide assurances that the institution will comply with the provisions of section 463A;".

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