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Code · BILL · 117th Congress · S. 4551 (Introduced in Senate) — To provide a consumer protection framework necessary to support the growth of accessible, affordable, and accountable... · Sec. 505

Sec. 505. Treatment of educational income share agreements for purposes of Military Lending Act

115 words·~1 min read·/bill/117/s/4551/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 prescribe regulations to apply this section to educational ISAs (as that term is defined in section 2 of the ISA Student Protection Act of 2022 ), and an educational ISA shall be deemed to meet the annual percentage rate of interest limitation under subsection
(b)of this section if the educational ISA, as applicable, would meet the requirements of section 102(b) of such Act (related to appropriate risk sharing) but with reference to the rate specified in subsection
(b)of this section. .
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