Page:United States Statutes at Large Volume 97.djvu/514

 97 STAT. 482 PUBLIC LAW 98-79 —AUG. 15, 1983 20 USC 1077a. "Period of instruction." "Period of enrollment." 20 USC 1077a note. 20 USC 1077a. (b)(1) Section 427A of the Act is further amended by adding at the end thereof the following new subsection: "(e) For the purposes of subsection (a) of this section— "(1) the term 'period of instruction' shall, at the discretion of the lender, be any academic year, semester, trimester, quarter, or other academic period; or shall be the period for which the loan is made as determined by the institution of higher educa- tion; and "(2) the term 'period of enrollment' shall be the period for which the loan is made as determined by the institution of higher education and shall coincide with academic terms such as academic year, semester, trimester, quarter, or other aca- demic period as defined by such institution.". (2) The amendment made by this subsection shall be effective as if enacted as part of the amendment made by section 415(a)(1) of the Education Amendments of 1980. NONDISCRIMINATION 20 USC 1071. SEC. 6. Section 421 of the Act is amended— (1) by inserting "; NONDISCRIMINATION;" after "STATEMENT OF PURPOSE" in the heading of such section; (2) by inserting "(1)" after "SEC. 421. (a)"; and (3) by inserting before subsection (b) the following new para- graph: "(2) No institution, bank, credit union, corporation, or other lender who regularly extends, renews, or continues credit or pro- vides insurance under this part shall exclude from receipt or deny the benefits of, or discriminate against any borrower or applicant in obtaining, such credit or insurance on the basis of race, national origin, religion, sex or marital status, age, or handicapped status.". RESTRICTION ON SPECIAL ALLOWANCES 20 USC 1087-1. SEC. 7. (a) Section 438 of the Act is amended by redesignating subsection (d) as subsection (e) and inserting before such subsection the following: "(d)(1) In order for the holders of loans which were made or purchased with funds obtained by the holder from an Authority issuing obligations, the income from which is exempt from taxation 26 USC 1 et seq. under the Internal Revenue Code of 1954, to be eligible to receive a special allowance under subsection (b)(2) of this section, the Author- Plans, ity shall submit to the Secretary a plan for doing business. The Secretary shall approve or disapprove such plan within thirty days after the date of its submission. Each such plan shall contain provisions designed to assure that— "(A) no eligible lender in the area served by the Authority will be excluded from participation in the program of the Authority and all eligible lenders may participate in the pro- gram on the same terms and conditions if eligible lenders are going to participate in the program; "(B) no director or staff member of the Authority who re- ceives compensation from the Authority may own stock in, or receive compensation from, any agency that would contract to service and collect the loans of the Authority; "(C) student loans will not be purchased from participating lenders at a premium or discount amounting to more than 1 per

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