; and (3) in section 144 ( 15 U.S.C. 1664 ), by adding at the end the following: (f) Income share agreements (1) Definitions In this subsection, the terms income share agreement , income threshold , ISA duration , ISA maximum number of payments , and ISA payment calculation method have the meanings given those terms in section 2 of the ISA Student Protection Act of 2023 . (2) Application This subsection shall apply to any advertisement to aid, promote, or assist directly or indirectly any income share agreement subject to the provisions of this chapter. (3) Disclosure of key terms If any advertisement to which this section applies states the ISA payment calculation method, ISA duration, ISA maximum number of payments, income threshold, or amounts of payments under an income share agreement, the advertisement shall include the following: (A) The ISA payment calculation method. (B) The ISA duration. (C) The ISA maximum number of payments. (D) The income threshold. . IV Other clarifications to support ISA programs 401. Treatment under securities laws (a) Income share agreements not treated as securities (1) In general 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 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. (2) Rule of construction Nothing in paragraph (1) may 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 that paragraph. (b) ISA providers making income share agreements excluded from investment company 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 income share agreements (as that term is