(a) Authority of Secretary to collect referred, transferred, or assigned loans
With respect to any loan—
(1)which was made under this part, and
(2)which is referred, transferred, or assigned to the Secretary by an institution with an agreement under section
1087cc(a) of this title,
the Secretary is authorized to attempt to collect such loan by any means authorized by law for collecting claims of the United States (including referral to the Attorney General for litigation) and under such terms and conditions as the Secretary may prescribe, including reimbursement for expenses reasonably incurred in attempting such collection.
(b) Collection of referred, transferred, or assigned loans
The Secretary shall continue to attempt to collect any loan referred, transferred, or assigned under paragraph (4) or (5) of section
1087cc(a) of this title until all appropriate collection efforts, as determined by the Secretary, have been expended.
Amendment by Pub. L. 102–325to this section, relating to creation of Perkins Loan Revolving Fund, effective Sept. 15, 1997, see section 468(4) ofPub. L. 102–325, set out as a note under section
1087dd of this title.
Transfer of Balance
Pub. L. 105–244, title IV, § 467(b),Oct. 7, 1998, 112 Stat. 1728, provided that: “Any funds in the Perkins Loan Revolving Fund on the date of enactment of this Act [Oct. 7, 1998] shall be transferred to and deposited in the Treasury.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.