Third Higher Education Extension Act of 2007 (Enrolled as Agreed to or Passed by Both House and Senate)
--S.2258--
S.2258
Begun and held at the City of Washington on Thursday,
the fourth day of January, two thousand and seven
An Act
- Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
- This Act may be cited as the `Third Higher Education Extension Act of
2007'.
- Section 2(a) of the Higher Education Extension Act of 2005 (Public Law
109-81; 20 U.S.C. 1001 note) is amended by striking `October 31, 2007' and
inserting `March 31, 2008'.
- Nothing in this Act, or in the Higher Education Extension Act of 2005 as
amended by this Act, shall be construed to limit or otherwise alter the
authorizations of appropriations for, or the durations of, programs contained
in the amendments made by the Higher Education Reconciliation Act of 2005
(Public Law 109-171) or by the College Cost Reduction and Access Act (Public
Law 110-84) to the provisions of the Higher Education Act of 1965 and the
Taxpayer-Teacher Protection Act of 2004.
- Section 435(p) of the Higher Education Act of 1965 (20 U.S.C. 1085(p)) is
amended--
- (1) in paragraph (1), by striking subparagraph (D) and inserting the
following:
- `(D) acting as a trustee on behalf of a State, political subdivision,
authority, agency, instrumentality, or other entity described in
subparagraph (A), (B), or (C), regardless of whether such State, political
subdivision, authority, agency, instrumentality, or other entity is an
eligible lender under subsection (d).'; and
- (2) in paragraph (2)--
- (A) in subparagraph (A)(i), by striking subclause (II) and inserting
the following:
- `(II) is acting as a trustee on behalf of a State, political
subdivision, authority, agency, instrumentality, or other entity
described in subparagraph (A), (B), or (C) of paragraph (1),
regardless of whether such State, political subdivision, authority,
agency, instrumentality, or other entity is an eligible lender under
subsection (d), and such State, political subdivision, authority,
agency, instrumentality, or other entity, on the date of enactment of
the College Cost Reduction and Access Act, was the sole beneficial
owner of a loan eligible for any special allowance payment under
section 438.';
- (B) in subparagraph (A)(ii), by inserting `of' after `waive the
requirements';
- (C) by amending subparagraph (B) to read as follows:
- `(B) NO FOR-PROFIT OWNERSHIP OR CONTROL-
- `(i) IN GENERAL- No State, political subdivision, authority, agency,
instrumentality, or other entity described in paragraph (1)(A), (B), or
(C) shall be an eligible not-for-profit holder under this Act if such
State, political subdivision, authority, agency, instrumentality, or
other entity is owned or controlled, in whole or in part, by a
for-profit entity.
- `(ii) TRUSTEES- A trustee described in paragraph (1)(D) shall not be
an eligible not-for-profit holder under this Act with respect to a
State, political subdivision, authority, agency, instrumentality, or
other entity described in subparagraph (A), (B), or (C) of paragraph
(1), regardless of whether such State, political subdivision, authority,
agency, instrumentality, or other entity is an eligible lender under
subsection (d), if such State, political subdivision, authority, agency,
instrumentality, or other entity is owned or controlled, in whole or in
part, by a for-profit entity.';
- (D) by amending subparagraph (C) to read as follows:
- `(C) SOLE OWNERSHIP OF LOANS AND INCOME- No State, political
subdivision, authority, agency, instrumentality, trustee, or other entity
described in paragraph (1)(A), (B), (C), or (D) shall be an eligible
not-for-profit holder under this Act with respect to any loan, or income
from any loan, unless--
- `(i) such State, political subdivision, authority, agency,
instrumentality, or other entity is the sole beneficial owner of such
loan and the income from such loan; or
- `(ii) such trustee holds the loan on behalf of a State, political
subdivision, authority, agency, instrumentality, or other entity
described in subparagraph (A), (B), or (C) of paragraph (1), regardless
of whether such State, political subdivision, authority, agency,
instrumentality, or other entity is an eligible lender under subsection
(d), and such State, political subdivision, authority, agency,
instrumentality, or other entity is the sole beneficial owner of such
loan and the income from such loan.';
- (E) in subparagraph (D), by striking `an entity described in described
in paragraph (1)(A), (B), or (C)' and inserting `a State, political
subdivision, authority, agency, instrumentality, or other entity described
in subparagraph (A), (B), or (C) of paragraph (1), regardless of whether
such State, political subdivision, authority, agency, instrumentality, or
other entity is an eligible lender under subsection (d),'; and
- (F) by amending subparagraph (E) to read as follows:
- `(E) RULE OF CONSTRUCTION- For purposes of subparagraphs (A), (B),
(C), and (D) of this paragraph, a State, political subdivision, authority,
agency, instrumentality, or other entity described in subparagraph (A),
(B), or (C) of paragraph (1), regardless of whether such State, political
subdivision, authority, agency, instrumentality, or other entity is an
eligible lender under subsection (d), shall not--
- `(i) be deemed to be owned or controlled, in whole or in part, by a
for-profit entity; or
- `(ii) lose its status as the sole owner of a beneficial interest in
a loan and the income from a loan,
- by such State, political subdivision, authority, agency,
instrumentality, or other entity, or by the trustee described in paragraph
(1)(D), granting a security interest in, or otherwise pledging as
collateral, such loan, or the income from such loan, to secure a debt
obligation for which such State, political subdivision, authority, agency,
instrumentality, or other entity is the issuer of the debt
obligation.'.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.