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Code · BILL · 114th Congress · H.R. 3432 (Introduced in House) — To provide the legal framework and income tax treatment necessary for the growth of innovative private financing opti... · Sec. 201

Sec. 201. Purpose; lawfulness of contracts; preemption of State law

84 words·~1 min read·/bill/114/hr/3432/ih/section-201·

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It is the purpose of this title to authorize individuals to enter into income-share agreements for the purposes of obtaining funds for postsecondary education in exchange for agreeing to pay to the holder of the contract a specified percentage of the individual's future income for a specified period of time. Any income-share agreement that complies with the requirements of section 103 shall be a valid, binding, and enforceable contract notwithstanding any State law limiting or otherwise regulating assignments of future wages or other income.
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