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92
HOUSE BILL
SENATE BILL
COMMENTS
1
"(ii) a sale or other transfer of all or
2
any substantial portion of such lender's or
3
holder's business or student lending busi-
4
ness.".
5 SEC. 12029. RISK SHARING.
6
(a) GUARANTY AGENCY REINSURANCE PERCENT.
66. The Senate bill, but not the House bill, lowers the
7 AGE.-Section 428(c)(1) of the Act (20 U.S.C.
guaranty agency reimbursement percentages from 100/90/80
percent to 98/88/78 percent. However, loans made under a
8 1078(c)(1)) is amended—
lender-of-last-resort program and loans made under an
9
(1) in subparagraph (A), by striking "100 pe.-
agreement resulting from guaranty agency insolvency are
exempt from this reduction.
10
cent" and inserting "98 percent";
11
(2) in subparagraph (B)(i), by striking "90 per-
12
cent" and inserting "88 percent";
13
(3) in subparagraph (B)(ii), by striking "80
14
percent" and inserting "78 percent"; and
15
(4) by adding at the end the following new sub-
16
paragraphs:
17
"(E) Notwithstanding any other provisions
18
of this section, in the case of a loan made pur-
19
suant to a lender of last resort program, the
20
Secretary shall apply the provisions of-
21
"(i) the fourth sentence of subpara-
22
graph (A) by substituting '100 percent' for
23
'98 percent';
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