12 2 STA T .3 12 4PUBLIC LA W 11 0– 31 5— AU G .14 , 200 8‘ ‘ (C)updates u chmo de l d i sclosu r e f orm periodicall y, as n ecessary . ‘‘( b ) DUTIESOFL E ND E R S. —E ach lender that has a preferred lender arran g ement w ithaco v ered institution, or an institution - affiliated organi z ation of such covered institution, with respect to education loans described in section 15 1( 3 )( A ) shall annually, by a date determined by the S ecretary, provide to such covered institu- tion or such institution-affiliated organization, and to the Secretary, the information the Secretary re q uires pursuant to subsection (a)( 2 )(A)(i) for each type of education loan described in section 151(3)(A) that the lender plans to offer pursuant to such preferred lender arrangement to students attending such covered institution, or to the families of such students, for the ne x t award year. ‘‘(c) DUTIES OF CO V ERED I NSTITUTIONS A ND INSTITUTION-AFFI L I- ATED O R G ANI Z ATIONS.— ‘‘(1) P ROVIDING INFOR M ATION TO STUDENTS AND FAMILIES.— ‘‘(A) IN GENERAL.—Each covered institution, and each institution-affiliated organization of such covered institu- tion, that has a preferred lender arrangement shall provide the following information to students attending such institution, or the families of such students, as applicable
‘‘(i) T he information the Secretary requires pursu- ant to subsection (a)(2)(A)(i), for each type of education loan described in section 151(3)(A) offered pursuant to a preferred lender arrangement to students of such institution or the families of such students. ‘‘(ii)(I) In the case of a covered institution, the information that the B oard of G overnors of the F ederal R eserve System requires to be disclosed under section 12 8 (e)(11) of the Truth in Lending Act (15 U .S.C. 1 6 38(e)(11)) to the covered institution, for each type of private education loan offered pursuant to such pre- ferred lender arrangement to students of such institu- tion or the families of such students. ‘‘(II) In the case of an institution-affiliated organization, the information the Board of Governors of the Federal Reserve System requires to be disclosed under section 128(e)(1) of the Truth in Lending Act (15 U.S.C. 1638(e)(1)), for each type of private edu- cation loan offered pursuant to such preferred lender arrangement to students of the institution with which such organization is affiliated or the families of such students. ‘‘(B) TIMEL YP ROVISION OF INFORMATION.—The informa- tion described in subparagraph (A) shall be provided in a manner that allows for the students or the families to ta k e such information into account before selecting a lender or applying for an education loan. ‘‘(2) ANNUAL REPORT.—Each covered institution, and each institution-affiliated organization of such covered institution, that has a preferred lender arrangement, shall— ‘‘(A) prepare and submit to the Secretary an annual report, by a date determined by the Secretary, that includes, for each lender that has a preferred lender arrangement with such covered institution or organiza- tion— Deadlin e .
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