(b) INFORMATION REPORTING NOT REQUIRED.— 
Subsection (e) of section 6050S of such Code is amended 
by inserting ‘‘(without regard to the last sentence there-
of)’’ after ‘‘section 221(d)(1)’’. 
TITLE IV—FEDERAL INDIVIDUAL 
ASSISTANCE TREATMENT OF 
INCOME-SHARE AGREEMENTS 
SEC. 401. PROCEEDS NOT TREATED AS INCOME IN CAL-
CULATION OF FINANCIAL NEED UNDER THE 
HIGHER EDUCATION ACT OF 1965. 
No portion of any amounts received by an individual 
for entering into an income-share agreement that complies 
with the requirements of section 102 of this Act shall be 
included as income or assets in the computation of ex-
pected family contribution for any program funded in 
whole or in part under the Higher Education Act of 1965 
(20 U.S.C. 1001 et seq.). 
TITLE V—TREATMENT UNDER 
SECURITIES LAWS 
SEC. 501. INCOME-SHARE AGREEMENTS NOT TREATED AS 
SECURITIES. 
An income-share agreement shall not be treated as 
a security for purposes of the securities laws (as defined 
in section 3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a))), any similar State law, or any State 
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law that directly or indirectly prohibits, limits, or imposes 
conditions, based on the merits of an offering or issuer 
of securities, upon the offer or sale of any security. Noth-
ing in the preceding sentence shall be construed to prevent 
an instrument that is collateralized by, or serviced by the 
cash flows of, an income-share agreement from being 
treated as a security for purposes of any law described 
in such sentence. 
SEC. 502. BUSINESSES MAKING INCOME-SHARE AGREE-
MENTS EXCLUDED FROM INVESTMENT COM-
PANY TREATMENT. 
Section 3(c) of the Investment Company Act of 1940 
(15 U.S.C. 80a–3(c)) is amended— 
(1) in paragraph (4), by inserting after ‘‘indus-
trial banking,’’ the following: ‘‘income-share agree-
ments (as defined in section 2 of the Investing in 
Students Act of 2017),’’; and 
(2) in paragraph (5)— 
(A) by inserting ‘‘, including purchasing or 
otherwise acquiring income-share agreements 
(as defined in section 2 of the Investing in Stu-
dents Act of 2017)’’ after ‘‘services’’ the first 
place it appears; and 
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(B) by inserting ‘‘, including making in-
come-share agreements (as so defined)’’ after 
‘‘services’’ the second place it appears. 
TITLE VI—TREATMENT UNDER 
FEDERAL 
CONSUMER 
FI-
NANCE LAWS 
SEC. 601. INCOME-SHARE AGREEMENT ANTI-DISCRIMINA-
TION PROTECTIONS. 
Section 702 of the Equal Credit Opportunity Act (15 
U.S.C. 1691a) is amended— 
(1) in subsection (d), by inserting before the pe-
riod the following: ‘‘, or the right granted under an 
income-share agreement (as defined in section 2 of 
the Investing in Students Act of 2017)’’; and 
(2) in subsection (e)— 
(A) by striking ‘‘or any assignee’’ and in-
serting ‘‘any assignee’’; and 
(B) by inserting before the period the fol-
lowing: ‘‘; or any person who regularly extends, 
renews, or continues funding under an income- 
share agreement (as defined in section 2 of the 
Investing in Students Act of 2017)’’. 
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SEC. 602. PROHIBITION ON REQUIRING PREAUTHORIZED 
ELECTRONIC FUND TRANSFERS. 
Section 913(1) of the Electronic Fund Transfer Act 
(15 U.S.C. 1693k(1)) is amended by inserting after ‘‘a 
consumer’’ the following: ‘‘or the entering into of an in-
come-share agreement (as defined in section 2 of the In-
vesting in Students Act of 2017) with a consumer’’. 
SEC. 603. TREATMENT UNDER THE FAIR CREDIT REPORT-
ING ACT. 
Section 605 of the Fair Credit Reporting Act (15 
U.S.C. 1681c) is amended by adding at the end the fol-
lowing: 
‘‘(i) INCOME-SHARE AGREEMENT INFORMATION.— 
With respect to an income-share agreement (as defined in 
section 2 of the Investing in Students Act of 2017), a con-
sumer report made by a consumer reporting agency— 
‘‘(1) may include a description of the contract 
terms of the income-share agreement and, subject to 
subsection (a), information with respect to amounts 
that are owed under such agreement; and 
‘‘(2) may not include any speculation about fu-
ture amounts that may be owed under the income- 
share agreement.’’. 
SEC. 604. APPLICATION OF THE MILITARY LENDING ACT. 
Section 987 of title 10, United States Code, is 
amended— 
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(1) by redesignating subsection (i) as subsection 
(j); and 
(2) by inserting after subsection (h) the fol-
lowing: 
‘‘(i) 
TREATMENT
OF
INCOME-SHARE
AGREE-
MENTS.—The Secretary of Defense shall issue regulations 
to apply this section to income-share agreements (as de-
fined in section 2 of the Investing in Students Act of 
2017), and an income-share agreement shall be deemed 
to meet the annual percentage rate of interest limitation 
under subsection (b) if such agreement would meet the 
requirements of section 2(4)(C) of the Investing in Stu-
dent Achievement Act of 2017 (related to appropriate risk 
sharing) but with reference to the rate specified in sub-
section (b).’’. 
SEC. 605. APPLICATION OF THE SERVICEMEMBERS CIVIL 
RELIEF ACT. 
Section 207 of the Servicemembers Civil Relief Act 
(50 U.S.C. 3937) is amended by adding at the end the 
following: 
‘‘(f) 
TREATMENT
OF
INCOME-SHARE
AGREE-
MENTS.—The Secretary of Defense shall issue regulations 
to apply this section to income-share agreements (as de-
fined in section 2 of the Investing in Students Act of 
2017), specifically by stating that an income-share agree-
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ment shall be considered to have met the requirements of 
this section if the agreement would meet the requirements 
of section 2(4)(C) of the Investing in Student Achievement 
Act of 2017 (relating to appropriate risk sharing) but with 
reference to the rate specified in subsection (a)(1).’’. 
SEC. 606. RULEMAKING. 
Not later than 180 days after the date of enactment 
of this Act— 
(1) the Director of the Bureau of Consumer Fi-
nancial Protection shall issue regulations to carry 
out the amendments made by section 601 and 602; 
and 
(2) the Secretary of Defense shall issue regula-
tions to carry out the amendment made by section 
604 and 605. 
TITLE VII—TREATMENT UNDER 
OTHER LAWS 
SEC. 701. INSURANCE AND WAGERING. 
Income-share agreements shall not be treated as a 
contract for insurance or a betting or wagering contract 
under any Federal or State law. 
SEC. 702. PAYMENTS NOT CONSIDERED PREPAYMENTS. 
With respect to an income-share agreement, any re-
quirement that an individual pay an amount greater than 
the income-share funding in order to extinguish the in-
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