42 U.S.C. § 292k — Participation by Federal credit unions in

Page 1001 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 292n 1 So in original. Probably should be ‘‘of’’. lenders, and borrowers in case of default, and relating to such other matters as the Sec- retary 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 finan- cial 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 which has been insured by him under this sub- part (including modifications with respect to the rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision). (5) To enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right or 1 redemption. (b) Annual budget; accounts The Secretary shall, with respect to the finan- cial operations arising by reason of this sub- part— (1) prepare annually and submit a budget program as provided for wholly owned Govern- ment corporations by chapter 91 of title 31; and (2) maintain with respect to insurance under this subpart an integral set of accounts. (July 1, 1944, ch. 373, title VII, § 711, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2007.) Editorial Notes CODIFICATION In subsec. (b)(1), ‘‘chapter 91 of title 31’’ was sub- stituted for ‘‘the Government Corporation Control Act’’ on authority of Pub. L. 97–258, § 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance. PRIOR PROVISIONS A prior section 292j, act July 1, 1944, ch. 373, title VII, § 709, formerly § 710, as added Oct. 12, 1976, Pub. L. 94–484, title II, § 208, 90 Stat. 2252; renumbered § 709 and amended Aug. 13, 1981, Pub. L. 97–35, title XXVII, §§ 2720(b), 2721, 95 Stat. 915; Oct. 22, 1985, Pub. L. 99–129, title II, § 206, 99 Stat. 527, related to payment under grants, prior to the general revision of this subchapter by Pub. L. 102–408. Another prior section 292j, act July 1, 1944, ch. 373, title VII, § 711, as added Sept. 24, 1963, Pub. L. 88–129, § 3(b), 77 Stat. 173; amended Nov. 18, 1971, Pub. L. 92–157, title I, § 102(k)(2)(A), 85 Stat. 437, provided for technical assistance in connection with grants for construction of health research facilities, prior to repeal by Pub. L. 94–484, title II, § 201(a), Oct. 12, 1976, 90 Stat. 2246. § 292k. Participation by Federal credit unions in Federal, State, and private student loan in- surance programs Notwithstanding any other provision of law, Federal credit unions shall, pursuant to regula- tions of the Administrator of the National Cred- it Union Administration, have power to make insured loans to eligible students in accordance with the provisions of this subpart relating to Federal insured loans. (July 1, 1944, ch. 373, title VII, § 712, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2008.) Editorial Notes PRIOR PROVISIONS A prior section 292k, act July 1, 1944, ch. 373, title VII, § 710, formerly § 711, as added Oct. 12, 1976, Pub. L. 94–484, title II, § 209, 90 Stat. 2253; renumbered § 710 and amended Aug. 13, 1981, Pub. L. 97–35, title XXVII, §§ 2720(b), 2722, 95 Stat. 915, related to differential tui- tion and fees, prior to the general revision of this sub- chapter by Pub. L. 102–408. Statutory Notes and Related Subsidiaries TRANSFER OF FUNCTIONS Functions vested in Administrator of National Credit Union Administration transferred and vested in Na- tional Credit Union Administration Board pursuant to section 1752a of Title 12, Banks and Banking. § 292l. Determination of eligible students For purposes of determining eligible students under this part, in the case of a public school in a State that offers an accelerated, integrated program of study combining undergraduate premedical education and medical education leading to advanced entry, by contractual agree- ment, into an accredited four-year school of medicine which provides the remaining training leading to a degree of doctor of medicine, when- ever in this part a provision refers to a student at a school of medicine, such reference shall in- clude only a student enrolled in any of the last four years of such accelerated, integrated pro- gram of study. (July 1, 1944, ch. 373, title VII, § 713, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2008.) § 292m. Repayment by Secretary of loans of de- ceased or disabled borrowers 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. (July 1, 1944, ch. 373, title VII, § 714, as added Pub. L. 102–408, title I, § 102, Oct. 13, 1992, 106 Stat. 2008.) § 292n. Additional requirements for institutions and lenders (a) In general Notwithstanding any other provision of this subpart, the Secretary is authorized to prescribe such regulations as may be necessary to provide for— (1) a fiscal audit of an eligible institution with regard to any funds obtained from a bor- rower who has received a loan insured under this subpart; (2) the establishment of reasonable stand- ards of financial responsibility and appro-