; preemption Any income share agreement that complies with the requirements of section 103 shall be a valid, binding, and enforceable contract notwithstanding any State law limiting or otherwise regulating assignments of future wages or other income. 103. Terms and conditions of income share agreement contracts (a) Terms and conditions of agreements An income share agreement complies with the requirements of this section if the contract complies with each of the following conditions: (1) Specified percentage of income The income share agreement shall specify the percentage of future income that the individual subject to the agreement will be obligated to pay, except that the agreement shall provide for that any year covered by the agreement during which the individual has an income that is less than $15,000 (adjusted each year to reflect changes in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor for the most recent 12-month period for which the data are available) the individual shall not be required to pay for that year any portion of the income of the individual. (2) Definition of income An income share agreement shall specify the definition of income to be used for purposes of calculating the obligation of the individual under the contract. (3) Annual limitation on obligation The percentage of income required under the income share agreement to be paid by the individual subject to the agreement may not exceed a percentage such that, when multiplied by $15,000, the product exceeds the aggregate amount of periodic payments of principal and interest that would be required to be paid during a 12-month period under a comparable loan that bears interest at a fixed annual rate of 20 percent. (4) Aggregate limitation on obligation No eligible individual may enter into any income share agreement if the total percentage of the future income of the individual that the individual agrees to pay under that contract, and any other income share agreements