120 STAT. 166
PUBLIC LAW 109–171—FEB. 8, 2006 and not to supplant, non-Federal funds that would otherwise be used for need-based grant programs.’’.
SEC. 8012. REPAYMENT BY THE SECRETARY OF LOANS OF BANKRUPT, DECEASED, OR DISABLED BORROWERS; TREATMENT OF BORROWERS ATTENDING SCHOOLS THAT FAIL TO PROVIDE A REFUND, ATTENDING CLOSED SCHOOLS, OR FALSELY CERTIFIED AS ELIGIBLE TO BORROW.
Section 437 (20 U.S.C. 1087) is amended— (1) in the section heading, by striking ‘‘CLOSED SCHOOLS OR FALSELY CERTIFIED AS ELIGIBLE TO BORROW’’ and inserting ‘‘SCHOOLS THAT FAIL TO PROVIDE A REFUND, ATTENDING CLOSED SCHOOLS, OR FALSELY CERTIFIED AS ELIGIBLE TO BORROW’’; and (2) in the first sentence of subsection (c)(1), by inserting ‘‘or was falsely certified as a result of a crime of identity theft’’ after ‘‘falsely certified by the eligible institution’’. SEC. 8013. ELIMINATION OF TERMINATION DATES FROM TAXPAYERTEACHER PROTECTION ACT OF 2004.
Applicability.
VerDate 14-DEC-2004
10:20 Jul 12, 2007
(a) EXTENSION OF LIMITATIONS ON SPECIAL ALLOWANCE FOR LOANS FROM THE PROCEEDS OF TAX EXEMPT ISSUES.—Section 438(b)(2)(B) (20 U.S.C. 1087–1(b)(2)(B)) is amended— (1) in clause (iv), by striking ‘‘and before January 1, 2006,’’; and (2) in clause (v)(II)— (A) by striking ‘‘and before January 1, 2006,’’ each place it appears in divisions (aa) and (bb); and (B) by striking ‘‘, and before January 1, 2006’’ in division (cc). (b) ADDITIONAL LIMITATION ON SPECIAL ALLOWANCE FOR LOANS FROM THE PROCEEDS OF TAX EXEMPT ISSUES.—Section 438(b)(2)(B) (20 U.S.C 1087–1(b)(2)(B)) is further amended by adding at the end thereof the following new clauses: ‘‘(vi) Notwithstanding clauses (i), (ii), and (v), but subject to clause (vii), the quarterly rate of the special allowance shall be the rate determined under subparagraph (A), (E), (F), (G), (H), or (I) of this paragraph, as the case may be, for a holder of loans— ‘‘(I) that were made or purchased on or after the date of enactment of the Higher Education Reconciliation Act of 2005; or ‘‘(II) that were not earning a quarterly rate of special allowance determined under clauses (i) or (ii) of subparagraph (B) of this paragraph (20 U.S.C. 1087–1(b)(2)(b)) as of the date of enactment of the Higher Education Reconciliation Act of 2005. ‘‘(vii) Clause (vi) shall be applied by substituting ‘December 31, 2010’ for ‘the date of enactment of the Higher Education Reconciliation Act of 2005’ in the case of a holder of loans that— ‘‘(I) was, as of the date of enactment of the Higher Education Reconciliation Act of 2005, and during the quarter for which the special allowance is paid, a unit of State or local government or a nonprofit private entity; ‘‘(II) was, as of such date of enactment, and during such quarter, not owned or controlled by, or under common ownership or control with, a for-profit entity; and
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