20 U.S.C. § 1086 | Delegation of functions

(a)

In general

An eligible lender or guaranty agency that contracts with another entity to perform any of the lender’s or agency’s functions under this subchapter, or otherwise delegates the performance of such functions to such other entity—

(1)

shall not be relieved of the lender’s or agency’s duty to comply with the requirements of this subchapter; and

(2)

shall monitor the activities of such other entity for compliance with such requirements.

(b)

Special rule

A lender that holds a loan made under this part in the lender’s capacity as a trustee is responsible for complying with all statutory and regulatory requirements imposed on any other holder of a loan made under this part.

Pub. L. 89–329, title IV, § 436 Pub. L. 99–498, title IV, § 402(a)Oct. 17, 1986100 Stat. 1413 Pub. L. 105–244, title IV, § 430Oct. 7, 1998112 Stat. 1709(, as added , , ; amended , , .)

Editorial Notes

Prior Provisions

Pub. L. 89–329, title IV, § 436 Pub. L. 89–752, § 12Nov. 3, 196680 Stat. 1244 Pub. L. 90–575, title I, § 116(b)(5)Oct. 16, 196882 Stat. 1024 Pub. L. 94–482, title I, § 127(a)Oct. 12, 197690 Stat. 2132 Pub. L. 96–374, title XIII, § 1391(a)(1)Oct. 3, 198094 Stat. 1503 Pub. L. 99–498A prior section 1086, , as added , , ; amended , , ; , , ; , , , related to a District of Columbia student loan insurance program, prior to the general revision of this part by .

Amendments

Pub. L. 105–2441998— amended section catchline and text generally. Prior to amendment, section authorized establishment of a District of Columbia student loan insurance program.

Statutory Notes and Related Subsidiaries

Effective Date of 1998 Amendment

Pub. L. 105–244Oct. 1, 1998Pub. L. 105–244 section 3 of Pub. L. 105–244 section 1001 of this titleAmendment by effective , except as otherwise provided in , see , set out as a note under .