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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. 505

Sec. 505. Application of the Military Lending Act

119 words·~1 min read·/bill/116/s/2114/is/section-505

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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 new subsection: The Secretary of Defense shall issue regulations to apply this section to Qualified ISAs and income-share agreements (as those terms are defined in section 2 of the ISA Student Protection Act of 2019 ), and a Qualified ISA and an income-share agreement shall be deemed to meet the annual percentage rate of interest limitation under subsection
(b)if the Qualified ISA or income-share agreement, as applicable, would meet the requirements of section 102(a)(6) of such Act (related to appropriate risk sharing) but with reference to the rate specified in subsection (b). .
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