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Code · BILL · 116th Congress · S. 3548 (Introduced in Senate) — To provide emergency assistance and health care response for individuals, families, and businesses affected by the 20... · Sec. 4512

Sec. 4512. HBCU Capital financing

314 words·~1 min read·/bill/116/s/3548/is/section-4512·

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Notwithstanding any provision of title III of the Higher Education Act of 1965 ( 20 U.S.C. 1051 et seq.), or any regulation promulgated under such title, the Secretary may grant a deferment, for a period of a qualifying emergency to an institution that has received a loan under part D of title III of such Act ( 20 U.S.C. 1066 et seq.). During the deferment period granted under this subsection— the institution shall not be required to pay any periodic installment of principal required under the loan agreement for such loan; and the Secretary shall make principal payments otherwise due under the loan agreement.
At the closing of a loan deferred under this subsection, terms shall be set under which the institution shall be required to repay the Secretary for the payments of principal made by the Secretary during the deferment, on a schedule that begins upon repayment to the lender in full on the loan agreement. Except as provided in paragraph (2), the authority provided under this section to grant a loan deferment under subsection (a), shall terminate on the date that is the end of the qualifying emergency.
Any provision of a loan agreement or insurance agreement modified or waived by the authority under this section shall remain so modified or waived for the duration of the period covered by the loan agreement or insurance agreement. Not later than 180 days after the date of enactment of this Act, and every 180 days thereafter during the period beginning on the first day of the qualifying emergency and ending on September 30 of the fiscal year following the end of the qualifying emergency, the Secretary shall submit to the authorizing committees (as defined in section 103 of the Higher Education Act of 1965 ( 20 U.S.C. 1003 )) a report that identifies each institution that received assistance or a waiver under this section.
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Sec. 4512
HBCU Capital financing
U.S.C.§ 1051
U.S.C.§ 1066
U.S.C.§ 1003
Cites 3Cited by 0 across 0 sources
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