12 2 STA T .3 31 8PUBLIC LA W 11 0– 31 5— AU G .1 4, 2008 ‘ ‘ (i)DEFIN I T I O N S.—Forthepu rpo s eo f this se c tio n: ‘‘( 1 ) AG ENT.— T he ter m ‘ ag ent ’ has the meaning gi v en the term in section 1 5 1. ‘‘( 2 ) AFFI L I A TE.—The term ‘affi l iate’ means a person that controls , is controlle dby , or is under common control w ith another person. A person controls, is controlled by, or is under common control with another person if— ‘‘(A) the person directly or indirectly, or acting through one or more others, owns, controls, or has the power to vote five percent or more of any class of voting securities of such other person
‘‘( B ) the person controls, in any manner, the election ofama j ority of the directors or trustees of such other person; or ‘‘( C ) the S ecretary determines (after notice and oppor - tunity for a hearing) that the person directly or indirectly e x ercises a controlling interest over the management or policies of such other person’s education loans. ‘‘( 3 ) EDUC ATION LOAN.—The term ‘education loan’ has the meaning given the term in section 151. ‘‘( 4 ) ELIGI B LE INSTITUTION.—The’’; and (2) by adding at the end the following new paragraph: ‘‘(5) O FFICE R .—The term ‘officer’ has the meaning given the term in section 151. ‘‘( 6 ) P REFERRED LENDER ARRANGE M ENT.—The term ‘pre- ferred lender arrangement’ has the meaning given the term in section 151.’’. SEC.49 4. R E GULATO R Y REL I E F A ND I MP RO V EMENT. Section 4 87 A(b) (2 0U .S.C. 10 9 4a(b)) is amended— (1) by amending paragraph (1) to read as follows: ‘‘(1) I N GENERAL.—The Secretary shall continue the vol- untary participation of any experimental sites in existence as of J uly 1, 2007, unless the Secretary determines that such site’s participation has not been successful in carrying out the purposes of this section. Any activities approved by the Secretary prior to such date that have not been successful in carrying out the purposes of this section shall be discontinued not later than June 30, 2009.’’; (2) in paragraph (2), by stri k ing the matter preceding subparagraph (A) and inserting the following: ‘‘(2) R E P ORT.—The Secretary shall review and evaluate the experience of institutions participating as experimental sites and shall, on a biennial basis, submit a report based on the review and evaluation to the authori z ing committees. Such report shall include—’’; and (3) in paragraph (3)— (A) in subparagraph (A)— (i) by striking ‘‘Upon the submission of the report re q uired by paragraph (2), the’’ and inserting ‘‘The’’; and (ii) by inserting ‘‘periodically’’ after ‘‘authorized to’’; (B) by striking subparagraph (B); (C) by redesignating subparagraph (C) as subpara- graph (B); and (D) in subparagraph (B) (as redesignated by subpara- graph (C))— Deadlin e .Ef fe ct i v e date.
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