12 2 STA T .34 11 PUBLIC LA W 11 0– 31 5— AU G .14 , 200 8fromthei m pac tofama j or d i s aster or emer g e n c y dec l ared b y the P resident , and the monetary amo u nt of such losses
- ‘
‘ (2) demonstrate that the institution had appropriate insur - ance policies prior to the major disaster or emergency and filed claims, as appropriate, related to the major disaster or emergency; and ‘‘( 3 ) demonstrate that the institution attempted to minimi z e the cost of any losses by pursuing collateral source compensa- tion from the F ederal E mergency M anagement A gency prior to see k ing a loan under this section, e x cept that an institution of higher education shall not be re q uired to recei v e collateral source compensation from the Federal Emergency Management Agency prior to being eligible for a loan under this section . ‘‘(d) A UDIT . —T he S ecretary may audit a financial statement submitted under subsection (c) and an institution of higher edu- cation shall provide any information that the Secretary determines necessary to conduct such an audit. ‘‘(e) RE DU C TI ON IN L O A NA M OUNT S .—To determine the amount of a loan to make available to an institution of higher education under this section, the Secretary shall calculate the monetary amount of losses incurred by such institution as a result of a major disaster or emergency declared by the President, and shall reduce such amount by the amount of collateral source compensa- tion the institution has already received from insurance, the Federal Emergency Management Agency, and the Small B usiness Adminis- tration. ‘‘(f) ESTA BL IS H MENT O F LOAN P R O G RAM.—Prior to disbursing any loans under this section, the Secretary shall prescribe regula- tions that establish the Education D isaster and Emergency Relief Loan Program, including— ‘‘( 1 ) terms for the loan program; ‘‘(2) procedures for an application for a loan; ‘‘(3) minimum requirements for the loan program and for receiving a loan, including— ‘‘(A) online forms to be used in submitting request for a loan; ‘‘(B) information to be included in such forms; and ‘‘( C ) procedures to assist in filing and pursing a loan; and ‘‘( 4 ) any other terms and conditions the Secretary may prescribe after taking into consideration the structure of other existing capital financing loan programs under this Act. ‘‘(g) DEFINITIONS.— I n this section
‘‘(1) INSTITUTION AFFECTED B Y A GULF HURRICANE DIS- ASTER.—The term ‘institution affected by a G ulf hurricane dis- aster ’ means an institution of higher education that— ‘‘(A) is located in an area affected by a Gulf hurricane disaster; and ‘‘(B) is able to demonstrate that the institution— ‘‘(i) incurred physical damage resulting from the impact of a Gulf hurricane disaster; and ‘‘(ii) w as not able to fully reopen in existing facili- ties or to fully reopen to the pre-hurricane levels for 3 0 days or more on or after August 2 9 , 200 5 . ‘‘(2) AREA AFFECTED BY A GULF HURRICANE DISASTER; GULF HURRICANE DISASTER.—The terms ‘area affected by a Gulf hurri- cane disaster’ and ‘Gulf hurricane disaster’ have the meanings Regulations.
�
