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Code · BILL · 116th Congress · S. 2114 (Introduced in Senate) — To provide the legal framework and income tax treatment necessary for the growth of innovative private financing opti... · Sec. 203

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

90 words·~1 min read·/bill/116/s/2114/is/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 neither an ISA funder issuing a Qualified ISA, its successor in interest, nor any entity servicing any Qualified ISA on behalf of an ISA funder or its successor interest, shall be subject to any State law with respect to ISA 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 Qualified ISAs.
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