Sec. 201. Purpose; lawfulness of contracts; preemption of State law
84 words·~1 min read·
/bill/114/hr/3432/ih/section-201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.