Page:United States Statutes at Large Volume 95.djvu/484

 95 STAT. 458

20 USC 1087-2.

PUBLIC LAW 97-35—AUG. 13, 1981 tary may enter into an agreement with the Association for such purpose only if the Secretary determines that (i) eligible borrowers are seelong and unable to obtain loans under this part, and (ii) no State or nonprofit private institution or organization having an agreement with the Secretary for a program of loan insurance under this part is capable of or willing to provide a program of loan insurance for such borrowers; and "(D) to undertake any other activity which the Board of Directors of the Association determines to be in furtherance of the programs of insured student loans authorized under this part or will otherwise support the credit needs of students. The Association is further authorized to undertake any activity with regard to student loans which are not insured or guaranteed as provided for in this subsection as it may undertake with regard to insured or guaranteed student loans. Any warehousing advance made on the security of such loans shall be subject to the provisions of paragraph (3) of this subsection to the same extent as a warehousing advance made on the security of insured loans.". (d) Section 439(1) of the Act is amended by adding at the end thereof the following: "The obligations of the Association shall be deemed to be obligations of the United States for purposes of section 3701 of the Revised Statutes (31 U.S.C. 742). For the purpose of the distribution of its property pursuant to section 726 of title 11, United States Code» the Association shall be deemed a person within the meaning of such title.". DIRECT STUDENT LOAN INTEREST RATE

20 USC 1087dd.

SEC. 539. Section 464(c)(l)(D) of the Act is amended by striking out "October 1, 1980," and inserting in lieu thereof "Juty 1, 1981, or 5 per centum in the case of any loan made on or after October 1, 1981,". EFFECTIVE DATES

20 USC 1078 note.

20 USC 1078.

Consolidated Refugee Education Assistance Act. 8 USC 1522 note.

SEC. 540. (a) Except as provided in subsection (b), the amendments made by this subtitle take effect on October 1, 1981. (b)(1) The amendments made by section 532 (other than subsection (b)(4)) shall apply to loans for which the statement required by section 428(a)(2)(A) of the Act is completed by the eligible institution on or after October 1, 1981. (2) The amendments made by section 534(b) shall apply to loans made on or after October 1, 1981. (3) The amendments made by section 536 shall take effect as provided therein. (4) The amendments made by section 538 shall take effect 30 days after the date of enactment of this Act.

Subtitle C—Refugee Education Consolidation SHORT TITLE

SEC. 541. This subtitle may be cited as the "Consolidated Refugee Education Assistance Act". REPEALER

20 USC 239a.

SEC. 542. The following provisions are hereby repealed: (1) Section 4A of the Act of September 30, 1950 (Public Law 81-874).

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