; preemption of State law (a) In general A Qualified ISA shall be a valid, binding, and enforceable contract notwithstanding any State law limiting or otherwise regulating assignments of future wages or other income. (b) Good faith reliance An ISA funder may rely in good faith on a statement from the individual obligated by a Qualified ISA with respect to such individual’s aggregate obligation on the Qualified ISA. 202. Preemption of State law with respect to usury A Qualified ISA shall not be subject to State law with respect to usury, credit, loans, or credit or installment sales, unless such State law expressly states that it is intended to apply to Qualified ISAs. 203. Preemption of pre-existing State laws with respect to ability-to-repay and licensing laws A Qualified ISA shall not be subject to a State law with respect to ability-to-repay requirements, and neither an ISA funder issuing a Qualified ISA, its successor in interest, nor any entity servicing any Qualified ISA on behalf of an ISA funder or its successor interest, shall be subject to any State law with respect to ISA licensing or registration, unless such State law was issued after the date of the enactment of this Act and such State law expressly states that it is intended to apply to Qualified ISAs. III Federal Individual Assistance Treatment of a Qualified ISA 301. Proceeds not treated as income in calculation of financial need under the Higher Education Act of 1965 No portion of any amounts received by an individual for entering into a Qualified ISA or an income-share agreement shall be included as income or assets in the computation of expected 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.). IV Treatment Under Securities Laws 401. Qualified ISAs not treated as securities A Qualified ISA and 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.