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42 U.S.C. § 292e — Certificate of loan insurance; effective date of insurance
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) **Authority for issuance of certificate** — If, upon application by an eligible lender, made upon such form, containing such information, and supported by such evidence as the Secretary may require, and otherwise in conformity with this section, the Secretary finds that the applicant has made a loan to an eligible borrower which is insurable under the provisions of this subpart, he may issue to the applicant a certificate of insurance covering the loan and setting forth the amount and terms of the insurance.
(2) **Effective date of insurance** — Insurance evidenced by a certificate of insurance pursuant to subsection (a)(1) shall become effective upon the date of issuance of the certificate, except that the Secretary is authorized, in accordance with regulations, to issue commitments with respect to proposed loans, or with respect to lines (or proposed lines) of credit, submitted by eligible lenders, and in that event, upon compliance with subsection (a)(1) by the lender, the certificate of insurance may be issued effective as of the date when any loan, or any payment by the lender pursuant to a line of credit, to be covered by such insurance is made to a student described in [section 292d(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292d/a/1&num=0&edition=prelim). Such insurance shall cease to be effective upon 60 days’ default by the lender in the payment of any installment of the premiums payable pursuant to [section 292g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292g&num=0&edition=prelim).
(3) **Certain agreements for lenders** — An application submitted pursuant to subsection (a)(1) shall contain—
(A) an agreement by the applicant to pay
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Source file: Laws/federal/codes/united-states-code/title-42/section-292e-certificate-of-loan-insurance-effective-date-of-insurance--fe94c98eec.md
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Source location: Title 42, Chapter 6A, § 292e; chapter-6a-public-health-service.md
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**(a) In general**
(1) **Authority for issuance of certificate** — If, upon application by an eligible lender, made upon such form, containing such information, and supported by such evidence as the Secretary may require, and otherwise in conformity with this section, the Secretary finds that the applicant has made a loan to an eligible borrower which is insurable under the provisions of this subpart, he may issue to the applicant a certificate of insurance covering the loan and setting forth the amount and terms of the insurance.
(2) **Effective date of insurance** — Insurance evidenced by a certificate of insurance pursuant to subsection (a)(1) shall become effective upon the date of issuance of the certificate, except that the Secretary is authorized, in accordance with regulations, to issue commitments with respect to proposed loans, or with respect to lines (or proposed lines) of credit, submitted by eligible lenders, and in that event, upon compliance with subsection (a)(1) by the lender, the certificate of insurance may be issued effective as of the date when any loan, or any payment by the lender pursuant to a line of credit, to be covered by such insurance is made to a student described in [section 292d(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292d/a/1&num=0&edition=prelim). Such insurance shall cease to be effective upon 60 days’ default by the lender in the payment of any installment of the premiums payable pursuant to [section 292g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292g&num=0&edition=prelim).
(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292g&num=0&edition=prelim); 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** — In lieu of requiring a separate insurance application and issuing a separate certificate of insurance for each loan made by an eligible lender as provided in subsection (a), the Secretary may, in accordance with regulations consistent with [section 292a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292a&num=0&edition=prelim), issue to any eligible lender applying therefor a certificate of comprehensive insurance coverage which shall, without further action by the Secretary, insure all insurable loans made by that lender, on or after the date of the certificate and before a specified cutoff date, within the limits of an aggregate maximum amount stated in the certificate. Such regulations may provide for conditioning such insurance, with respect to any loan, upon compliance by the lender with such requirements (to be stated or incorporated by reference in the certificate) as in the Secretary’s judgment will best achieve the purpose of this subsection while protecting the financial interest of the United States and promoting the objectives of this subpart, including (but not limited to) provisions as to the reporting of such loans and information relevant thereto to the Secretary and as to the payment of initial and other premiums and the effect of default therein, and including provision for confirmation by the Secretary from time to time (through endorsement of the certificate) of the coverage of specific new loans by such certificate, which confirmation shall be incontestable by the Secretary in the absence of fraud or misrepresentation of fact or patent error.
(2) **Lines of credit beyond cutoff date** — If the holder of a certificate of comprehensive insurance coverage issued under this subsection grants to a borrower a line of credit extending beyond the cutoff date specified in that certificate, loans or payments thereon made by the holder after that date pursuant to the line of credit shall not be deemed to be included in the coverage of that certificate except as may be specifically provided therein; but, subject to the limitations of [section 292a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292a&num=0&edition=prelim), the Secretary may, in accordance with regulations, make commitments to insure such future loans or payments, and such commitments may be honored either as provided in subsection (a) or by inclusion of such insurance in comprehensive coverage under this subsection for the period or periods in which such future loans or payments are made.
**(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** The consolidation of the obligations of two or more federally insured loans obtained by a borrower in any fiscal year into a single obligation evidenced by a single instrument of indebtedness or the refinancing of a single loan shall not affect the insurance by the United States. If the loans thus consolidated are covered by separate certificates of insurance issued under subsection (a), the Secretary may upon surrender of the original certificates issue a new certificate of insurance in accordance with that subsection upon the consolidated obligation. If the loans thus consolidated are covered by a single comprehensive certificate issued under subsection (b), the Secretary may amend that certificate accordingly.
**(e) Rule of construction regarding consolidation of debts and refinancing** Nothing in this section shall be construed to preclude the lender and the borrower, by mutual agreement, from consolidating all of the borrower’s loans insured under this subpart into a single instrument (or, if the borrower obtained only 1 loan insured under this subpart, refinancing the loan 1 time) under the terms applicable to an insured loan made at the same time as the consolidation. The lender or loan holder should provide full information to the borrower concerning the advantages and disadvantages of loan consolidation or refinancing. Nothing in this section shall be construed to preclude the consolidation of the borrower’s loans insured under this subpart under [section 1078–3 of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078–3&num=0&edition=prelim). Any loans insured pursuant to this subpart that are consolidated under [section 1078–3 of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1078–3&num=0&edition=prelim) shall not be eligible for special allowance payments under [section 1087–1 of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1087–1&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** In order to assure (1) that the limitation on interest payments or other conditions (or both) on loans made or insured under this part, do not impede or threaten to impede the carrying out of the purposes of this part or do not cause the return to holders of loans to be less than equitable, (2) that incentive payments on such loans are paid promptly to eligible lenders, and (3) that appropriate consideration of relative administrative costs and money market conditions is made in setting the quarterly rate of such payments, the Congress finds it necessary to establish an improved method for the determination of the quarterly rate of the special allowances on such loans, and to provide for a thorough, expeditious, and objective examination of alternative methods for the determination of the quarterly rate of such allowances.
**(b) Computation and payment**
(1) **Quarterly payment based on unpaid balance** — A special allowance shall be paid for each of the 3-month periods ending March 31, June 30, September 30, and December 31 of every year and the amount of such allowance paid to any holder with respect to any 3-month period shall be a percentage of the average unpaid balance of principal (not including unearned interest added to principal) of all eligible loans held by such holder during such period.
(2) **Rate of special allowance**
(A) Subject to subparagraphs (B), (C), (D), (E), (F), (G), (H), and (I) and paragraph (4), the special allowance paid pursuant to this subsection on loans shall be computed (i) by determining the average of the bond equivalent rates of 91-day Treasury bills auctioned for such 3-month period, (ii) by subtracting the applicable interest rate on such loans from such average, (iii) by adding 3.10 percent to the resultant
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 1087–1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority** With respect to a loan made under this subpart on or after January 1, 1993, the Secretary, in accordance with subsection (b), shall assess a risk-based premium on an eligible borrower and, if required under this section, an eligible institution that is based on the default rate of the eligible institution involved (as defined in section 292o of this title).
**(b) Assessment of premium** Except as provided in subsection (d)(2), the risk-based premium to be assessed under subsection (a) shall be as follows:
(1) **Low-risk rate** — With respect to an eligible borrower seeking to obtain a loan for attendance at an eligible institution that has a default rate of not to exceed five percent, such borrower shall be assessed a risk-based premium in an amount equal to 6 percent of the principal amount of the loan.
(2) **Medium-risk rate**
(A) *In general* — With respect to an eligible borrower seeking to obtain a loan for attendance at an eligible institution that has a default rate of in excess of five percent but not to exceed 10 percent—
(i) such borrower shall be assessed a risk-based premium in an amount equal to 8 percent of the principal amount of the loan; and
(ii) such institution shall be assessed a risk-based premium in an amount equal to 5 percent of the principal amount of the loan.
(B) *Default management plan* — An institution of the type described in subparagraph (A) shall prepare and submit to the Secretary for approval, an annual default management plan, that shall specify the detailed short-term and long-term procedures that such institution will have in place to minimize defaults on loans to borrowers under this subpart. Under such plan the institution shall, among other measures, provide an exit interview to all borrowers
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
#### Codification
Section 228, acts July 1, 1944, ch. 373, title V, § 510, 58 Stat. 711; June 25, 1948, ch. 645, § 5, 62 Stat. 859, which related to wearing of uniforms, was successively renumbered by subsequent acts and transferred, see [section 238g of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section238g&num=0&edition=prelim).
Section 229, act July 1, 1944, ch. 373, title V, § 511, 58 Stat. 711; 1953 Reorg. Plan No. 1, §§ 5, 8, eff. Apr. 11, 1953, 18 F.R. 2053, 67 Stat. 631, which related to an annual report by Surgeon General, was successively renumbered by subsequent acts and transferred, see [section 238h of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section238h&num=0&edition=prelim).
Section 229a, act July 1, 1944, ch. 373, title V, § 512, as added Oct. 15, 1968, Pub. L. 90–574, title V, § 503(a), 82 Stat. 1012, which related to memorials and other acknowledgments for contributions to health of the Nation, was successively renumbered by subsequent acts and transferred, see [section 238i of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section238i&num=0&edition=prelim).
Section 229b, act July 1, 1944, ch. 373, title V, § 513, as added June 30, 1970, Pub. L. 91–296, title IV, § 401(a), 84 Stat. 351; amended Oct. 7, 1980, Pub. L. 96–398, title VIII, § 804(c), 94 Stat. 1608; Aug. 13, 1981, Pub. L. 97–35, title IX, § 902(g)(3), 95 Stat. 560, which related to evaluation of programs, was successively renumbered by subsequent acts and transferred, see [section 238j of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section238j&num=0&edition=prelim).
Section 229c, act July 1, 1944, ch. 373, title V, § 514
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The total principal amount of new loans made and installments paid pursuant to lines of credit (as defined in section 292o of this title) to borrowers covered by Federal loan insurance under this subpart shall not exceed $350,000,000 for fiscal year 1993, $375,000,000 for fiscal year 1994, and $425,000,000 for fiscal year 1995. If the total amount of new loans made and installments paid pursuant to lines of credit in any fiscal year is less than the ceiling established for such year, the difference between the loans made and installments paid and the ceiling shall be carried over to the next fiscal year and added to the ceiling applicable to that fiscal year, and if in any fiscal year no ceiling has been established, any difference carried over shall constitute the ceiling for making new loans (including loans to new borrowers) and paying installments for such fiscal year. Thereafter, Federal loan insurance pursuant to this subpart may be granted only for loans made (or for loan installments paid pursuant to lines of credit) to enable students, who have obtained prior loans insured under this subpart, to continue or complete their educational program or to obtain a loan under [section 292d(a)(1)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section292d/a/1/B&num=0&edition=prelim) to pay interest on such prior loans; but no insurance may be granted for any loan made or installment paid after September 30, 1998. The total principal amount of Federal loan insurance available under this subsection shall be granted by the Secretary without regard to any apportionment for the purpose of chapter 15 of title 31 and without regard to any similar limitation.
**(b) Certain limitations and priorities**
(1) **Limitations
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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) 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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A loan by an eligible lender shall be insurable by the Secretary under the provisions of this subpart only if—
(1) made to—
(A) a student who—
(i)
(I) has been accepted for enrollment at an eligible institution, or (II) in the case of a student attending an eligible institution, is in good standing at that institution, as determined by the institution;
(ii) is or will be a full-time student at the eligible institution;
(iii) has agreed that all funds received under such loan shall be used solely for tuition, other reasonable educational expenses, including fees, books, and laboratory expenses, and reasonable living expenses, incurred by such students; and
(iv) in the case of a pharmacy student, has satisfactorily completed three years of training; or
(B) an individual who—
(i) has previously had a loan insured under this subpart when the individual was a full-time student at an eligible institution;
(ii) is in a period during which, pursuant to paragraph (2), the principal amount of such previous loan need not be paid; and
(iii) has agreed that all funds received under the proposed loan shall be used solely for repayment of interest due on previous loans made under this subpart;
(2) evidenced by a note or other written agreement which—
(A) is made without security and without endorsement, except that if the borrower is a minor and such note or other written agreement executed by him would not, under the applicable law, create a binding obligation, an endorsement may be required;
(B) provides for repayment of the principal amount of the loan in installments over a period of not less than 10 years (unless sooner repaid) nor more than 25 years beginning not earlier than 9 months nor later than 12 mo
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 292d
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary may make grants or contracts under this section to help entities fund activities of the type described in subsection (b).
**(b) Activities** Activities of the type described in this subsection include the following:
(1) Assisting entities in meeting the costs associated with expanding or establishing programs that will increase the number of individuals trained in allied health professions. Programs and activities funded under this paragraph may include—
(A) those that expand enrollments in allied health professions with the greatest shortages or whose services are most needed by geriatric populations or for maternal and child health;
(B) those that provide rapid transition training programs in allied health fields to individuals who have baccalaureate degrees in health-related sciences;
(C) those that establish community-based allied health training programs that link academic centers to rural clinical settings;
(D) those that provide career advancement training for practicing allied health professionals;
(E) those that expand or establish clinical training sites for allied health professionals in medically underserved or rural communities in order to increase the number of individuals trained;
(F) those that develop curriculum that will emphasize knowledge and practice in the areas of prevention and health promotion, geriatrics, long-term care, home health and hospice care, and ethics;
(G) those that expand or establish interdisciplinary training programs that promote the effectiveness of allied health practitioners in geriatric assessment and the rehabilitation of the elderly;
(H) those that expand or establish demonstration centers to emphasize innovative models to link allied health clinical practice, educa
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 294e
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Terms and conditions; determination of amount; authorized uses**
(1) A grant to a hospital under the program shall be subject to such terms and conditions as the Secretary may by regulation prescribe to assure that the grant is used for the purpose for which it was made.
(2) The amount of any such grant shall be determined by the Secretary. The recipient of such a grant may use the grant—
(A) in the case of a grantee which discontinues the provision of all hospital services or all inpatient hospital services or an identifiable part of a hospital facility which provides inpatient hospital services, for the liquidation of the outstanding debt on the facilities of the grantee used for the provision of the services or for the liquidation of the outstanding debt of the grantee on such identifiable part;
(B) in the case of a grantee which in discontinuing the provision of an inpatient hospital service converts or proposes to convert an identifiable part of a hospital facility used in the provision of the discontinued service to the delivery of other health services, for the planning, development (including construction and acquisition of equipment), and delivery of the health service;
(C) to provide reasonable termination pay for personnel of the grantee who will lose employment because of the discontinuance of hospital services made by the grantee, retraining of such personnel, assisting such personnel in securing employment, and other costs of implementing arrangements described in subsection (c); and
(D) for such other costs which the Secretary determines may need to be incurred by the grantee in discontinuing hospital services.
**(b) Application; submission and approval; form; required provisions; review by health systems agency; basis of State Agency
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Federal law — U.S. Code and appendices · legal_authorities
Page 993
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 292e
the loan shall not be included in the 25-year
total loan repayment period under subsection
(a)(2)(C).
(f) Loan repayment schedule
Lenders and holders under this subpart shall
offer
borrowers
graduated
loan
repayment
schedules that, during the first 5 years of loan
repayment, are based on the borrower’s debt-to-
income ratio.
(g) Rule of construction regarding determination
of need of students
With respect to any determination of the fi-
nancial need of a student for a loan covered by
Federal loan insurance under this subpart, this
subpart may not be construed to limit the au-
thority of any school to make such allowances
for students with special circumstances as the
school determines appropriate.
(h) Definitions
For purposes of this section:
(1) The term ‘‘active duty’’ has the meaning
given such term in section 101(18) of title 37,
except that such term does not include active
duty for training.
(2) The term ‘‘Persian Gulf conflict’’ means
the period beginning on August 2, 1990, and
ending on the date thereafter prescribed by
Presidential proclamation or by law.
(July 1, 1944, ch. 373, title VII, § 705, as added
Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106
Stat. 1996; amended Pub. L. 103–43, title XX,
§ 2014(a)(1), June 10, 1993, 107 Stat. 215; Pub. L.
105–244, title I, § 102(a)(13)(A), Oct. 7, 1998, 112
Stat. 1620; Pub. L. 105–392, title I, § 141(a)(1), (2),
Nov. 13, 1998, 112 Stat. 3578; Pub. L. 117–103, div.
R, § 104(1), Mar. 15, 2022, 136 Stat. 821.)
Editorial Notes
REFERENCES IN TEXT
The Peace Corps Act, referred to in subsec. (a)(2)(C),
is Pub. L. 87–293, Sept. 22, 1961, 75 Stat. 612, which is
classified principally to chapter 34 (§ 2501 et seq.) of
Title 22,
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 292e
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