12 2 STA T .3487PUBLIC LA W 11 0– 31 5— AU G .14 , 2008 ‘ ‘ (i)theda te of a c ce p ta n ceofthete rms of the l oan and cons u mmation of the transaction by the bor - ro w er , as described in subpara g raph ( A )
or ‘‘(ii) the e x piration of the period described in subparagraph (A) . ‘‘( 7 ) RIGHT T OCAN C EL . —W ith respect to a pri v ate education loan, the borrower may cancel the loan, without penalty to the borrower, at any time within 3 business days of the date on which the loan is consummated, and the private educational lender shall disclose such right to the borrower in accordance with paragraph ( 4 ). ‘‘( 8 ) PR OHI B ITION ON D I S B U RSE M ENT.— N o funds may be disbursed with respect to a private education loan until the expiration of the 3-day period described in paragraph (7). ‘‘( 9 ) B OARD REGULATIONS.— I n issuing regulations under this subsection, the Board shall prevent, to the extent possible, duplicative disclosure re q uirements for private educational lenders that are otherwise required to ma k e disclosures under this title, except that in any case in which the disclosure requirements of this subsection differ or conflict with the disclo- sure requirements of any other provision of this title, the requirements of this subsection shall be controlling. ‘‘( 10 ) D E F INITIONS.— F or purposes of this subsection, the terms ‘covered educational institution ’ , ‘private educational lender’, and ‘private education loan’ have the same meanings as in section 140. ‘‘(11) DUTIES OF LENDERS P ARTICIPATING IN PREFERRED LENDER ARRANGEMENTS.— E ach private educational lender that has a preferred lender arrangement with a covered educational institution shall annually, by a date determined by the Board, in consultation with the S ecretary of Education, provide to the covered educational institution such information as the Board determines to include in the model form developed under paragraph ( 5 ) for each type of private education loan that the lender plans to offer to students attending the covered educational institution, or to the families of such students, for the next award year (as that term is defined in section 481 of the H igher Education Act of 19 6 5).’’. (b) SELF- C ERTIFICATION FORM.—Part E of title I of the Higher Education Act of 1965, as added by this Act, is further amended by inserting after section 154 the following
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‘ SEC.15 5. SE LF- CE RTI FIC A TI ON FOR M FOR P RI V ATE E DU CATION LOANS. ‘‘(a) IN G ENERAL.— T he Secretary, in consultation with the Board of Governors of the Federal Reserve System, shall develop the self-certification form for private education loans that shall be used to satisfy the requirements of section 1 2 8(e)(3) of the Truth in L ending Act. Such form shall— ‘‘(1) be developed in a standardi z ed format; ‘‘(2) be made available to the applicant by the relevant institution of higher education, in written or electronic form, upon request of the applicant; ‘‘(3) contain only disclosures that— ‘‘(A) the applicant may qualify for Federal student financial assistance through a program under title I V of 20USC1 01 9d.Dea d lin e. Deadline.
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