123STA T . 1 945PUBLIC LA W 111 – 39 —J UL Y 1 , 2 0 09 (I I )insubpar a g rap h ( G ) , b y s t ri k ing ‘ ‘s ec ti o ns 428A ( d ), 428 B (d), and 428 C , ’ ’ and inserting ‘‘sec - tions 428B(d) and 428C,’’
(ii) in paragraph (2)(A)( v i), by striking ‘‘section 4 35 ( m )’’ and inserting ‘‘subsection (m)’’; (iii) in paragraph (3), by striking ‘‘section 435(m)’’ and inserting ‘‘subsection (m)’’; and (iv) in paragraph (5)(A), by striking ‘‘to any institu- tion o f higher education or any emp l oyee of an institu- tion of higher education in order to secure applicants for loans under this part’’ and inserting ‘‘to any institu- tion of higher education, any employee of an institution of higher education, or any individual or entity in order to secure applicants for loans under this part’’; (C) in subsection (o)( 1 )(A)(ii), by striking ‘‘ S ervice’’ and inserting ‘‘Services’’; and ( D ) in subsection (p)(1), by striking ‘‘section 7 71’’ and inserting ‘‘section 781’’; and (11) in section 438(b)(2) (2 0U. S.C. 1087 – 1(b)(2)) — (A) in the second sentence of subparagraph (A), by striking ‘‘427A(f)’’ and inserting ‘‘427A(i)’’; (B) in the first sentence of subparagraph (B)(i), by striking ‘‘1 9 54’’ and inserting ‘‘198 6 ’’; and (C) in the second sentence of subparagraph ( F ), by striking ‘‘427A(f)’’ and inserting ‘‘427A(i)’’. SEC.403 . F E D E RALWO R K- S TU D YP RO G RA M S. Section 443 (42 U.S.C. 2753) is amended— (1) in subsection (b)(2), by striking ‘‘section 443’’ and inserting ‘‘this section’’; (2) in subsection (d)(1), by striking ‘‘subsection (b)(2)(B)’’ and inserting ‘‘subsection (b)(2)(A)’’; and (3) in subsection (e)(1), in the matter preceding subpara- graph (A), by striking ‘‘in accordance w ith such subsection’’. SEC. 404. FEDERAL D I RECT LOA N PROGRAM. (a) TEMPORA R Y A UTH OR I TY TO P UR C HA S E L OA N S.—Section 459A (20 U.S.C. 1087i–1) is amended— (1) in subsection (a)— (A) in paragraph (2), in the matter preceding subpara- graph (A), by striking ‘‘purchase of loans under this section’’ and inserting ‘‘purchase of loans under paragraph (1)’’; and (B) by inserting after paragraph (2) the following new paragraph
‘‘(3) TEMPORARY AUTHORITY TO PURCHASE REHA B I L ITATE D LOANS.— ‘‘(A) AUTHORITY.—In addition to the authority described in paragraph (1), the Secretary, in consultation with the Secretary of the Treasury, is authori z ed to pur- chase, or enter into forward commitments to purchase, from any eligible lender (as defined in section 435(d)(1)), loans that such lender purchased under section 428F on or after O ctober 1, 2003, and before J uly 1, 2010, and that are not in default, on such terms as the Secretary, the Secretary of the Treasury, and the Director of the Office of M anagement and Budget j ointly determine are in the best interest of the United States, e x cept that any Timep e r i od.
