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Code · BILL · 115th Congress · H.R. 3145 (Introduced in House) — To provide the legal framework and income tax treatment necessary for the growth of innovative private financing opti... · Sec. 203

Sec. 203. Preemption pre-existing State laws with respect to ability-to-repay and licensing laws

68 words·~1 min read·/bill/115/hr/3145/ih/section-203

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A Qualified ISA shall not be subject to a State law with respect to ability-to-repay requirements, and an ISA funder issuing a Qualified ISA shall not be subject to any State law with respect to licensing or registration, unless such State law was issued after the date of the enactment of this Act and such State law expressly states that it is intended to apply to income-share agreements.
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