20 U.S.C. § 1087hh — General authority of Secretary
submitted 40 years ago by Pub. L. 89-329 to r/title-20-EDUCATION · 127 words · no verdicts yet
To administer this part, the Secretary may change certain loan terms, enforce or settle rights and claims, conduct litigation, and contract with public, nonprofit, or collection agencies for loan servicing and collection.
In carrying out this part, the Secretary* may: (1) agree to change a loan’s interest rate, installment payment timing, or other note term; (2) enforce, pay, settle, waive, or release any right, title, claim, lien, or demand, including an equity or redemption right; (3) conduct litigation under section 1082(a)(2); and (4) contract or make another arrangement with State* or nonprofit agencies and, competitively, with collection agencies to service and collect loans under this part.
In carrying out the provisions of this part, the Secretary* is authorized—
to consent to modification, with respect to rate of interest, time of payment of any installment of principal and interest or any portion thereof, or any other provision of any note evidencing a loan which has been made under this part;
to enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand, however acquired, including any equity or any right of redemption;
to conduct litigation in accordance with the provisions of section 1082(a)(2) of this title; and
to enter into a contract or other arrangement with State* or nonprofit agencies and, on a competitive basis, with collection agencies for servicing and collection of loans under this part.
Source credit: (Pub. L. 89–329, title IV, § 468, as added Pub. L. 99–498, title IV, § 405(a), Oct. 17, 1986, 100 Stat. 1454.)
- 1986Enacted · Pub. L. 89-329 · 100 Stat. 1454
A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-329 on 1986-10-17.
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