12 2 STA T .3479PUBLIC LA W 11 0– 31 5— AU G .14 , 200 8Subti t leA—Pr e v e n tin gU n fa ir an dD e c e p- tive Private E ducati o nal L ending Prac- tice s and Eli m inating C onflicts of I nter- est SEC.10 11. AM E ND MEN T T O T H ET RU TH I N L ENDIN G ACT. (a)PREV E NTI N GU N FA IR AN DD E C E P TIVE PRIVATE E D U CATI O NA LL ENDING PRACTICE S AND C ONFLICTS OF I NTEREST .— C h a pter2of the T r u th in Len d in gAc t( 15 U. S .C. 1 63 1et s e q .)isa m ended by adding at the end the fo l lo w ing new section
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‘ §140.Prev e nti n gu n fa ir an d de c e p tive private educati o na l lending practice s and eli m inating conflicts of interest ‘ ‘(a) DEFINITIONS.—As used in this section— ‘‘(1) the term ‘co v ered educational institution ’ — ‘‘(A) means any educational institution that offers a postsecondary educational degree , certificate, or program of study (including any institution of higher education)
and ‘‘( B ) includes an agent, officer, or employee of the edu - cational institution; ‘‘(2) the term ‘gift’— ‘‘(A)(i) means any gratuity, favor, discount, entertain- ment, hospitality, loan, or other item having more than a de minimis monetary value, including services, transpor- tation, lodging, or meals, whether provided in k ind, by purchase of a ticket, payment in advance, or reimbursement after the e x pense has been incurred; and ‘‘(ii) includes an item described in clause (i) provided to a family member of an officer, employee, or agent of a covered educational institution, or to any other individual based on that individual’s relationship with the officer, employee, or agent, if— ‘‘(I) the item is provided with the knowledge and acquiescence of the officer, employee, or agent; and ‘‘(II) the officer, employee, or agent has reason to believe the item was provided because of the official position of the officer, employee, or agent; and ‘‘(B) does not include— ‘‘(i) standard informational material related to a loan, default aversion, default prevention, or financial literacy; ‘‘(ii) food, refreshments, training, or informational material furnished to an officer, employee, or agent of a covered educational institution, as an integral part of a training session or through participation in an advisory council that is designed to improve the service of the private educational lender to the covered educational institution, if such training or participation contributes to the professional development of the officer, employee, or agent of the covered educational institution; 15USC 1 6 5 0.
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