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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. 604

Sec. 604. Application of the Military Lending Act

106 words·~1 min read·/bill/115/hr/3145/ih/section-604

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Section 987 of title 10, United States Code, is amended— by redesignating subsection
(i)as subsection (j); and by inserting after subsection
(h)the following: The Secretary of Defense shall issue regulations to apply this section to income-share agreements (as defined in section 2 of the Investing in Students Act of 2017), and an income-share agreement shall be deemed to meet the annual percentage rate of interest limitation under subsection
(b)if such agreement would meet the requirements of section 2(4)(C) of the Investing in Student Achievement Act of 2017 (related to appropriate risk sharing) but with reference to the rate specified in subsection (b). .
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