42 USC 292e - Certificate of loan insurance; effective date of insurance

U.S Code last checked for updates: Nov 22, 2024

§ 292e.

Certificate of loan insurance; effective date of insurance

(a)

In general

(1)

Authority for issuance of certificate

(2)

Effective date of insurance

(3)

Certain agreements for lenders

An application submitted pursuant to subsection (a)(1) shall contain—

(A)

an agreement by the applicant to pay, in accordance with regulations, the premiums fixed by the Secretary pursuant to section 292g of this title; and

(B)

an agreement by the applicant that if the loan is covered by insurance the applicant will submit such supplementary reports and statements during the effective period of the loan agreement, upon such forms, at such times, and containing such information as the Secretary may prescribe by or pursuant to regulation.

(b)

Authority regarding comprehensive insurance coverage

(1)

In general

(2)

Lines of credit beyond cutoff date

(c)

Assignment of insurance rights

The rights of an eligible lender arising under insurance evidenced by a certificate of insurance issued to it under this section may be assigned by such lender, subject to regulation by the Secretary, only to—

(1)

another eligible lender (including a public entity in the business of purchasing student loans); or

(2)

the Student Loan Marketing Association.

(d)

Effect of refinancing or consolidation of obligations

(e)

Rule of construction regarding consolidation of debts and refinancing

(July 1, 1944, ch. 373, title VII, § 706, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2000; amended Pub. L. 105–392, title I, § 145, Nov. 13, 1998, 112 Stat. 3581.)

cite as: 42 USC 292e