12 2 STA T .3 31 4PUBLIC LA W 11 0– 31 5— AU G .14 , 200 8‘ ‘ (b b )such c o u n s eli n gd oes no tpr o m ote the products or ser v ices o fa n y specific lender . ‘‘( V ) P hilanthropic contributions to an institu - tion from a lender , servicer, or guarantor of edu- cation loans that are unrelated to education loans or any contribution from any lender, guarantor, or servicer that is not made in e x change for any advantage related to education loans. ‘‘(V I ) S tate education grants, scholarships, or financial aid funds administered by or on behalf of a State. ‘‘(iii) RULEFORGI F TS TOF AM IL Y MEM B ERS. —F or purposes of this paragraph, a gift to a family member of an officer or employee of an institution, to a family member of an agent, or to any other individual based on that individual ’ s relationship w ith the officer, employee, or agent, shall be considered a gift to the officer, employee, or agent if— ‘‘(I) the gift is given with the k nowledge and ac q uiescence of the officer, employee, or agent
and ‘‘(II) the officer, employee, or agent has reason to believe the gift was given because of the official position of the officer, employee, or agent. ‘‘( 3 ) C O N TRA C TING ARRANGEMENTS P RO H IBITE D .— ‘‘( A ) PROHIBITION.—An officer or employee who is employed in the financial aid office of the institution or who otherwise has responsibilities with respect to education loans, or an agent who has responsibilities with respect to education loans, shall not accept from any lender or affiliate of any lender any fee, payment, or other financial benefit (including the opportunity to purchase stock) as compensation for any type of consulting arrangement or other contract to provide services to a lender or on behalf of a lender relating to education loans. ‘‘( B ) EX CEPTIONS.— N othing in this subsection shall be construed as prohibiting— ‘‘(i) an officer or employee of an institution who is not employed in the institution’s financial aid office and who does not otherwise have responsibilities with respect to education loans, or an agent who does not have responsibilities with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of edu- cation loans; ‘‘(ii) an officer or employee of the institution who is not employed in the institution’s financial aid office but who has responsibility with respect to education loans as a result of a position held at the institution, or an agent who has responsibility with respect to education loans, from performing paid or unpaid service on a board of directors of a lender, guarantor, or servicer of education loans, if the institution has a written conflict of interest policy that clearly sets forth that officers, employees, or agents must recuse themselves from participating in any decision of the board regarding education loans at the institution; or
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