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42 U.S.C. § 292i — Insurance account
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Establishment** — There is hereby established a student loan insurance account (in this section referred to as the “Account”) which shall be available without fiscal year limitation to the Secretary for making payments in connection with the collection and default of loans insured under this subpart by the Secretary.
(2) **Funding**
(A) Except as provided in subparagraph (B), all amounts received by the Secretary as premium charges for insurance and as receipts, earnings, or proceeds derived from any claim or other assets acquired by the Secretary in connection with his operations under this subpart, and any other moneys, property, or assets derived by the Secretary from the operations of the Secretary in connection with this section, shall be deposited in the Account.
(B) With respect to amounts described in subparagraph (A) that are received by the Secretary for fiscal year 1993 and subsequent fiscal years, the Secretary may, before depositing such amounts in the Account, reserve from the amounts each such fiscal year not more than $1,000,000 for obligation under [section 292h(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292h/d&num=0&edition=prelim).
(3) **Expenditures** — All payments in connection with the default of loans insured by the Secretary under this subpart shall be paid from the Account.
**(b) Contingent authority for issuance of notes or other obligations** If at any time the moneys in the Account are insufficient to make payments in connection with the collection or default of any loan insured by the Secretary under this subpart, the Secretary of the Treasury may lend the Account such amounts as may be necessary to make the payments involved, subject to the Federal Credit
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Stable record: federal_law:legal_authorities:record_usc_bad5fc2142c21a59fb712ca8
Source file: Laws/federal/codes/united-states-code/title-42/section-292i-insurance-account--8565908024.md
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Source location: Title 42, Chapter 6A, § 292i; chapter-6a-public-health-service.md
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**(a) In general**
(1) **Establishment** — There is hereby established a student loan insurance account (in this section referred to as the “Account”) which shall be available without fiscal year limitation to the Secretary for making payments in connection with the collection and default of loans insured under this subpart by the Secretary.
(2) **Funding**
(A) Except as provided in subparagraph (B), all amounts received by the Secretary as premium charges for insurance and as receipts, earnings, or proceeds derived from any claim or other assets acquired by the Secretary in connection with his operations under this subpart, and any other moneys, property, or assets derived by the Secretary from the operations of the Secretary in connection with this section, shall be deposited in the Account.
(B) With respect to amounts described in subparagraph (A) that are received by the Secretary for fiscal year 1993 and subsequent fiscal years, the Secretary may, before depositing such amounts in the Account, reserve from the amounts each such fiscal year not more than $1,000,000 for obligation under [section 292h(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292h/d&num=0&edition=prelim).
(3) **Expenditures** — All payments in connection with the default of loans insured by the Secretary under this subpart shall be paid from the Account.
**(b) Contingent authority for issuance of notes or other obligations** If at any time the moneys in the Account are insufficient to make payments in connection with the collection or default of any loan insured by the Secretary under this subpart, the Secretary of the Treasury may lend the Account such amounts as may be necessary to make the payments involved, subject to the Federal Credit Reform Act of 1990 [[2 U.S.C. 661](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section661&num=0&edition=prelim) et seq.].
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Enforcement in House of Representatives** It shall not be in order in the House of Representatives to consider a rule or order that waives the application of [section 658d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section658d&num=0&edition=prelim).
**(b) Disposition of points of order**
(1) **Application to House of Representatives** — This subsection shall apply only to the House of Representatives.
(2) **Threshold burden** — In order to be cognizable by the Chair, a point of order under [section 658d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section658d&num=0&edition=prelim) or subsection (a) of this section must specify the precise language on which it is premised.
(3) **Question of consideration** — As disposition of points of order under [section 658d of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section658d&num=0&edition=prelim) or subsection (a) of this section, the Chair shall put the question of consideration with respect to the proposition that is the subject of the points of order.
(4) **Debate and intervening motions** — A question of consideration under this section shall be debatable for 10 minutes by each Member initiating a point of order and for 10 minutes by an opponent on each point of order, but shall otherwise be decided without intervening motion except one that the House adjourn or that the Committee of the Whole rise, as the case may be.
(5) **Effect on amendment in order as original text** — The disposition of the question of consideration under this subsection with respect to a bill or joint resolution shall be considered also to determine the question of consideration under this subsection with respect to an amendm
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 661
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of law, Federal credit unions shall, pursuant to regulations of the Administrator of the National Credit Union Administration, have power to make insured loans to eligible students in accordance with the provisions of this subpart relating to Federal insured loans.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292k
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** In the performance of, and with respect to, the functions, powers, and duties vested in the Secretary by this subpart, the Secretary is authorized as follows:
(1) To prescribe such regulations as may be necessary to carry out the purposes of this subpart.
(2) To sue and be sued in any district court of the United States. Such district courts shall have jurisdiction of civil actions arising under this subpart without regard to the amount in controversy, and any action instituted under this subsection by or against the Secretary shall survive notwithstanding any change in the person occupying the office of Secretary or any vacancy in that office. No attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Secretary or property under the control of the Secretary. Nothing herein shall be constructed to except litigation arising out of activities under this subpart from the application of sections 517 and 547 of title 28.
(3) To include in any contract for Federal loan insurance such terms, conditions, and covenants relating to repayment of principal and payments of interest, relating to his obligations and rights and to those of eligible lenders, and borrowers in case of default, and relating to such other matters as the Secretary determines to be necessary to assure that the purposes of this subpart will be achieved. Any term, condition, and covenant made pursuant to this paragraph or any other provisions of this subpart may be modified by the Secretary if the Secretary determines that modification is necessary to protect the financial interest of the United States.
(4) Subject to the specific limitations in the subpart, to consent to the modification of any note or other instrument evidencing a loan
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292j
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** This subchapter shall not apply to the credit or insurance activities of the Federal Deposit Insurance Corporation, National Credit Union Administration, Resolution Trust Corporation, Pension Benefit Guaranty Corporation, National Flood Insurance, National Insurance Development Fund, Crop Insurance, or Tennessee Valley Authority.
**(b) Study** The Director and the Director of the Congressional Budget Office shall each study whether the accounting for Federal deposit insurance programs should be on a cash basis on the same basis as loan guarantees, or on a different basis. Each Director shall report findings and recommendations to the President and the Congress on or before May 31, 1991.
**(c) Access to data** For the purposes of subsection (b), the Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate these studies.
Source: Supplied U.S. Code snapshot — release unconfirmed · 2 U.S.C. § 621
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Agreements with eligible lenders**
(1) **Agreement required for insurance coverage** — For the purpose of providing loans to eligible borrowers for consolidation of their obligations with respect to eligible student loans, the Secretary or a guaranty agency shall enter into agreements in accordance with subsection (b) with the following eligible lenders:
(A) the Student Loan Marketing Association or the Holding Company of the Student Loan Marketing Association, including any subsidiary of the Holding Company, created pursuant to [section 1087–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087-3&num=0&edition=prelim);
(B) State agencies described in subparagraphs (D) and (F) of [section 1085(d)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1085/d/1&num=0&edition=prelim); and
(C) other eligible lenders described in subparagraphs (A), (B), (C), (E), and (J) of such section.
(2) **Insurance coverage of consolidation loans** — Except as provided in [section 1079(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1079/e&num=0&edition=prelim), no contract of insurance under this part shall apply to a consolidation loan unless such loan is made under an agreement pursuant to this section and is covered by a certificate issued in accordance with subsection (b)(2). Loans covered by such a certificate that is issued by a guaranty agency shall be considered to be insured loans for the purposes of reimbursements under [section 1078(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078/c&num=0&edition=prelim), but no payment shall be made with respect to such loans under [section 1078(f)
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1078–3
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Eligibility for plan** Upon the request of the borrower, a lender described in subparagraph (A), (B), or (C) of [section 1078–3(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078–3/a/1&num=0&edition=prelim), or an eligible lender as defined in section 719 of the Public Health Service Act ([42 U.S.C. 292](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292&num=0&edition=prelim)o) may, with respect to a consolidation loan made under [section 1078–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-3&num=0&edition=prelim) (and section 1087–2(o) of this title as in effect prior to the enactment of [section 1078–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-3&num=0&edition=prelim)) and loans guaranteed under part A of title VII of the Public Health Service Act ([42 U.S.C. 292](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292&num=0&edition=prelim) et seq.), offer a combined payment plan under which the lender shall submit one bill to the borrower for the repayment of all such loans for the monthly or other similar period of repayment.
**(b) Applicability of other requirements** A lender offering a combined payment plan shall comply with all provisions of [section 1078–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078-3&num=0&edition=prelim) applicable to loans consolidated or to be consolidated and shall comply with all provisions of part A of title VII of the Public Health Service Act ([42 U.S.C. 292](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292&num=0&edition=prelim) et seq.) applic
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1092a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Conditions for payment to beneficiary**
(1) **In general** — Upon default by the borrower on any loan covered by Federal loan insurance pursuant to this subpart, and after a substantial collection effort (including, subject to subsection (h), commencement and prosecution of an action) as determined under regulations of the Secretary, the insurance beneficiary shall promptly notify the Secretary and the Secretary shall, if requested (at that time or after further collection efforts) by the beneficiary, or may on his own motion, if the insurance is still in effect, pay to the beneficiary the amount of the loss sustained by the insured upon that loan as soon as that amount has been determined, except that, if the insurance beneficiary including any servicer of the loan is not designated for “exceptional performance”, as set forth in paragraph (2), the Secretary shall pay to the beneficiary a sum equal to 98 percent of the amount of the loss sustained by the insured upon that loan.
(2) **Exceptional performance**
(A) *Authority* — Where the Secretary determines that an eligible lender, holder, or servicer has a compliance performance rating that equals or exceeds 97 percent, the Secretary shall designate that eligible lender, holder, or servicer, as the case may be, for exceptional performance.
(B) *Compliance performance rating* — For purposes of subparagraph (A), a compliance performance rating is determined with respect to compliance with due diligence in the disbursement, servicing, and collection of loans under this subpart for each year for which the determination is made. Such rating shall be equal to the percentage of all due diligence requirements applicable to each loan, on average, as established by the Secretary, with respect to loans serviced duri
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292f
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The Secretary shall establish, within the Division of Student Assistance of the Bureau of Health Professions, an office to be known as the Office for Health Education Assistance Loan Default Reduction (in this section referred to as the “Office”).
**(b) Purpose and functions** It shall be the purpose of the Office to achieve a reduction in the number and amounts of defaults on loans guaranteed under this subpart. In carrying out such purpose the Office shall—
(1) conduct analytical and evaluative studies concerning loans and loan defaults;
(2) carry out activities designed to reduce loan defaults;
(3) respond to special circumstances that may exist in the financial lending environment that may lead to loan defaults;
(4) coordinate with other Federal entities that are involved with student loan programs, including—
(A) with respect to the Department of Education, in the development of a single student loan application form, a single student loan deferment form, a single disability form, and a central student loan database; and
(B) with respect to the Department of Justice, in the recovery of payments from health professionals who have defaulted on loans guaranteed under this subpart; and
(5) provide technical assistance to borrowers, lenders, holders, and institutions concerning deferments and collection activities.
**(c) Additional duties** In conjunction with the report submitted under subsection (b), the Office shall—
(1) compile, and publish in the Federal Register, a list of the borrowers who are in default under this subpart; and
(2) send the report and notices of default with respect to these borrowers to relevant Federal agencies and to schools, school associations, professional and specialty associations, State licensing boar
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292h
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Federal law — U.S. Code and appendices · legal_authorities
If a borrower who has received a loan dies or becomes permanently and totally disabled (as determined in accordance with regulations of the Secretary), the Secretary shall discharge the borrower’s liability on the loan by repaying the amount owed on the loan from the account established under [section 292i of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292i&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292m
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act July 1, 1944, ch. 373, title VII, § 757, as added Pub. L. 105–392, title I, § 103, Nov. 13, 1998, 112 Stat. 3551, authorized appropriations to carry out this part.
#### Codification
Pub. L. 111–148, title V, § 5306(a)(1), Mar. 23, 2010, 124 Stat. 626, which directed the amendment of part D of title VII by striking section 757, without specifying the act to be amended, was executed by repealing this section, which was section 757 of act July 1, 1944, to reflect the probable intent of Congress.
#### Prior Provisions
A prior section 294g, act July 1, 1944, ch. 373, title VII, § 734, as added Oct. 12, 1976, Pub. L. 94–484, title IV, § 401(b)(3), 90 Stat. 2263; amended Oct. 22, 1985, Pub. L. 99–129, title II, § 208(f), 99 Stat. 531, related to establishment of a student loan insurance fund, prior to the general amendment of this subchapter by Pub. L. 102–408. See [section 292i of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292i&num=0&edition=prelim).
Another prior section 294g, act July 1, 1944, ch. 373, title VII, § 747, as added Nov. 18, 1971, Pub. L. 92–157, title I, § 105(f)(4), 85 Stat. 451; amended Oct. 12, 1976, Pub. L. 94–484, title I, § 101(f), 90 Stat. 2244, provided for student loans to citizens of United States who were full-time students in schools of medicine located outside United States, prior to repeal by Pub. L. 94–484, title IV, § 401(a), Oct. 12, 1976, 90 Stat. 2257, effective Oct. 1, 1976.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 294g
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