,,ii #aac? ,,congress #b;d ,session ,s4 #biic ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,decemb] #aj1 #bjad ,mr4 ,murphy 7= himself & ,mr4 ,h>k97 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to am5d ! ,high] ,education ,act ( #aife to improve ! det]m9ation ( cohort default rates & provide = enhanc$ civil p5alties1 & to au?orize ! e/abli%m5t ( an in/itutional risk-%>+ commission4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/ud5ts ,be=e ,pr(its ,act4 #b4 ,improv$ det]m9ation ( cohort default rates ,section #dce 7#bj ,u4,s4,c4 #ajhe7 is am5d$-- 7#a7 9 subsection 7a77#b71 by add+ at ! end ! foll[+3 7,e7 7i7 ,9 any case :]e ! ,secret>y has det]m9$ t ! in/itution has engag$ 9 default manipulation1 ! ,secret>y-- 7,i7 %all recalculate ! cohort default rate = ! in/itution "u ?is section us+ correct$ data & in=mation1 = all fiscal ye>s = :i* ! default manipulation has occurr$2 & 7,,ii7 us+ ! recalculat$ cohort default rate1 %all r$et]m9e :e!r ! in/itution is ineligible to p>ticipate 9 a program "u ?is title4 7ii7 ,9 ?is section1 ! t]m default manipulation means engag+ 9 a device or practice1 su* z bran*+1 consolidation ( campuses1 consolidation or manipulation ( ! id5tification codes us$ by ! ,(fice ( ,po/second>y ,education to designate campuses & in/itutions1 *ange ( own]%ip or control1 s]ial =be>ance1 or any simil> device or practice 7z det]m9$ by ! ,secret>y7 :51 b = ! device or practice1 "o or m campuses ( an in/itution ( high] education w\ld be at risk ( cohort default rate sanctions "u ?is section or /ud5t default risk sanctions "u section #dhi;,a4 2 & 7#b7 9 subsection 7m77#c71 by /rik+ ?r\gh ! use ( & all t foll[s ?r\gh ! p]iod at ! end & ins]t+ ?r\gh default manipulation44 #c4 ,in/itutional ,risk-,%>+ ,commission 7a7 ,e/abli%m5t ( ,commission 7#a7 ,9 g5]al ,! ,secret>y ( ,education %all e/abli% an ,in/itutional ,risk-,%>+ ,commission 7ref]r$ to 9 ?is section z ! ,commission7 ^: memb]s %all be select$ by ! ,secret>y & compris$ ( ! foll[+ relevant /akehold]s3 7,a7 #b repres5tatives ( national or regional /ud5t advocacy organizations ) a track record ( engagem5t & exp]tise on issues relat$ to college co/s1 consum] protection1 & in/itutional acc\ntability & an alt]nate memb]4 7,b7 #a /ud5t repres5tative :o is att5d+ an in/itution ( high] education on ! date ( ! selection & an alt]nate memb]4 7,c7 #a memb] ( ! ,bureau ( ,consum] ,f9ancial ,protection ) demon/rat$ k ( /ud5t loan borr[+ & an alt]nate memb]4 7,d7 #b adm9i/rative (fic]s f diff]5t types ( in/itutions ( high] education & an alt]nate memb]4 7,e7 #a high] education rese>*] & an alt]nate memb]4 7,f7 #a ,/ate po/second>y education data sy/em director & an alt]nate memb]4 7,g7 #a repres5tative f ! ,national ,c5t] = ,education ,/ati/ics & an alt]nate memb]4 7,h7 #a repres5tative f ! ,gov]nm5t ,acc\ntability ,(fice & an alt]nate memb]4 7,i7 #a repres5tative f ! ,dep>tm5t ( ! ,treasury & an alt]nate memb]4 7#b7 ,functions ,ea* memb] select$ "u p>agraph 7#a7 %all p>ticipate = ! purpose ( det]m9+ agreem5t by majority vote on ! ,commission on ! report & its cont5ts describ$ 9 subsection 7b77#d74 ,ea* alt]nate memb] %all p>ticipate = ! purpose ( det]m9+ ! majority vote 9 ! abs5ce ( ! memb]4 ,ei!r ! memb] or an alt]nate memb] may speak dur+ ! negotiations4 ,9 ! ev5t t ! ,commission is unable to =m agreem5t on ! cont5ts ( ! report by majority vote1 ! cont5ts ( ! report %all be det]m9$ by a plurality vote4 7b7 ,/udy 7#a7 ,9 g5]al ,n lat] ?an #bgj days aft] ! date t all memb]s ( ! ,commission h be5 select$ "u subsection 7a71 ! ,commission %all complete a /udy & develop recomm5dations = implem5tation ( a new risk-%>+ sy/em = in/itutions ( high] education t p>ticipate 9 ! ,f$]al ,direct ,loan ,program "u "p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 ?r\gh :i* in/itutions w\ld be held f9ancially acc\ntable = poor /ud5t outcomes4 7#b7 ,cont5t ( /udy ,9 conduct+ ! /udy requir$ "u p>agraph 7#a71 ! ,commission %all1 at a m9imum1 consid] ! foll[+ issues3 7,a7 ,id5tify+ an annual measure or set ( measures = ! risk-%>+ sy/em t w\ld provide ! mo/ accurate assessm5t ( an in/itution's level ( success or failure at provid+ _! /ud5ts ) basic educational outcomes1 su* z degree completion1 ability to repay loans made1 insur$1 or gu>ante$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq471 po/-graduation employm5t1 & po/-graduation e>n+s4 ,su* possible measures may include cohort default rates1 loan repaym5t rates1 graduation rates1 graduate e>n+s1 & o!r measure t ! ,commission consid]s an accurate reflection ( /ud5t outcomes1 reg>dless ( ! feasibility ( access to ! data requir$ to implem5t collection ( su* measures4 7,b7 ,:at specific metrics w\ld require ! l[e/ p]=m+ in/itutions to make annual paym5ts into ! risk-%>+ sy/em1 & :at metrics w\ld exempt in/itutions f mak+ an annual risk-%>+ paym5t bas$ on p]=mance measures t exce$$ a m9imum level 7:i* level w\ld be id5tifi$ by ! ,commission74 7,c7 ,h[ ! paym5ts = ea* in/itution %\ld be calculat$1 includ+ :e!r ! use ( a p]c5tage ( ,f$]al ,direct ,loans disburs$ ! ye> prior to id5tification1 ! p]c5tage ( loans 9 default1 or any o!r calculation %\ld be us$4 7,d7 ,:e!r a slid+ scale ( paym5ts %\ld be requir$ ( in/itutions bas$ on _! p]=mance on ! id5tifi$ measures4 7,e7 ,any legislative safegu>ds or me*anisms to ensure t an in/itution requir$ to p>ticipate 9 ! risk-%>+ sy/em w\ld n pass any prospective co/s directly or indirectly onto /ud5ts1 or limit access to l[-income /ud5ts4 7,f7 ,h[ an in/itution's level ( access to l[-income /ud5ts 7su* z measur$ by ! p]c5tage ( /ud5ts enroll$ at ! in/itution :o receive ,f$]al ,pell ,grants "u subp>t #a ( "p ,a ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj;a et seq477 & af=dability 7z measur$ by av]age net price7 %\ld be consid]$ 9 ! risk-%>+ sy/em4 7,g7 ,specify+ a means = ! risk-%>+ sy/em paym5ts to g prim>ily t[>ds /ud5ts 9 default1 additional aid to l[-income /ud5ts1 or any o!r =m ( aid to /ud5t borr[]s mo/ 9 ne$1 includ+ aft] degree completion4 7,h7 ,:e!r any extraord9>y consid]ation exi/s t w>rants all[+ a waiv] process ?r\gh :i* a v limit$ numb] ( in/itutions w\ld be eligible to apply = a waiv] f a risk-%>+ paym5t on a ye>ly basis1 & "u :at conditions4 7#c7 ,outside recomm5dations ,z "p ( ! /udy requir$ "u p>agraph 7#a71 ! ,commission %all develop a public process = solicit+ recomm5dations = ! risk-%>+ sy/em & %all consid] ^! recomm5dations z "p ( ! /udy4 ,! ,commission %all factor 9 any f9ancial or o!r int]e/s ( any submitt+ p>ty 9 weigh+ & consid]+ su* recomm5dations4 7#d7 ,report 7,a7 ,cont5t ,n lat] ?an #ij days aft] complet+ ! /udy requir$ "u p>agraph 7#a71 ! ,commission %all issue1 by majority vote1 or if unable to a*ieve a majority vote1 !n a plurality vote1 a report reg>d+ its recomm5dations = a risk-%>+ sy/em4 ,! report %all include ! foll[+3 7i7 ,a description ( ! ,commission's f9d+s z to ! issues describ$ 9 p>agraph 7#b74 7ii7 ,a data analysis us+ ! ,commission's recomm5d$ metrics t demon/rates h[ ea* in/itution ( high] education t p>ticipates 9 ! ,f$]al ,direct ,loan ,program "u "p ,d ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhg;a et seq47 z ( ! p]iod ( ! ,commission's /udy w\ld f>e "u ! propos$ risk-%>+ sy/em1 includ+ projections = ! am\nts ( paym5ts ! l[e/ p]=m+ in/itutions w\ld h to pay4 7iii7 ,an evaluation ( ! feasibility & un9t5d$ consequ5ces ( implem5t+ ! recomm5d$ risk-%>+ sy/em1 includ+ any legislative or regulatory action ne$$ to implem5t su* a sy/em4 7,b7 ,availability ,! report describ$ 9 subp>agraph 7,a7 %all be-- 7i7 provid$ to ! ,secret>y ( ,education1 ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate1 & ! ,committee on ,education & ! ,work=ce ( ! ,h\se ( ,repres5tatives2 & 7ii7 made publicly available4 7c7 ,secur+ in=mation & privacy 7#a7 ,9 g5]al ,subject to p>agraph 7#b71 ! ,commission may secure directly f any ,f$]al dep>tm5t or ag5cy su* in=mation z ! ,commission consid]s necess>y to c>ry out its duties "u ?is section4 ,! ,commission may reque/ ! head ( any ,/ate or local dep>tm5t or ag5cy to furni% su* in=mation to ! ,commission4 7#b7 ,privacy ,any ,f$]al dep>tm5t or ag5cy1 ,/ate or local dep>tm5t or ag5cy1 or in/itution ( high] education 9 provid+ in=mation to ! ,commission "u ?is section %all n %>e any p]sonally id5tifiable in=mation & %all act 9 accordance ) section #ddd ( ! ,g5]al ,education ,provisions ,act 7#bj ,u4,s4,c4 #abcb;g1 commonly kn[n z ! ,family ,educational ,rights & ,privacy ,act ( #aigd74 #d4 ,civil p5alties ,"p ,g ( title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhh et seq47 is am5d$ by ins]t+ aft] section #dhi ! foll[+3 #dhi;,a4 ,civil p5alties & o!r rem$ies 7a7 ,def9itions ,9 ?is section3 7#a7 ,sub/antial misrepres5tation or o!r s]i\s violation ,! t]m sub/antial misrepres5tation or o!r s]i\s violation means any ( ! foll[+3 7,a7 ,a sub/antial misrepres5tation reg>d+-- 7i7 ! nature ( ! educational program ( an in/itution ( high] education2 7ii7 ! f9ancial *>ges ( ! in/itution2 7iii7 ! space availability 9 a program ( ! in/itution = :i* a /ud5t is consid]+ enrollm5t2 7iv7 ! admission requirem5ts ( ! in/itution2 7v7 ! transf]ability ( cr$its f ! in/itution2 7vi7 :e!r a program ( ! in/itution meets ! necess>y /&>ds to qualify /ud5ts to sit = lic5s+ exam9ations1 or obta9 c]tification requir$ z a precondition = employm5t1 9 ! ,/ate 9 :i* ! /ud5ts reside2 7vii7 ! passage rates ( /ud5ts at ! in/itution 9 obta9+ c]tification requirem5ts2 7viii7 ! passage rates ( /ud5ts :o sit = lic5s+ exam9ations2 or 7ix7 ! employability ( ! graduates ( ! in/itution4 7,b7 ,a kn[+ & willful misuse ( ,f$]al /ud5t aid f any s\rce4 7,c7 ,a violation ( section #dhg7;a77#bj74 7,d7 ,a violation ( ! default manipulation regulations promulgat$ by ! ,secret>y "u section #dce7m77#c74 7,e7 ,failure to comply ) ! program review process describ$ 9 section #dih;,a1 includ+ any disclosure requirem5t describ$ 9 p>agraph 7#b7 or 7#e7 ( section #dih;,a7b74 7,f7 ,a violation ( ! program integrity regulations promulgat$ by ! ,secret>y "u ?is ,act4 7,g7 ,a violation ( ?is ,act t ! ,secret>y has det]m9$1 by regulation1 to be a s]i\s violation = purposes ( ?is section4 7#b7 ,(fic] ( an in/itution ( high] education ,! t]m (fic] ( an in/itution ( high] education includes ! presid5t1 *ief executive (fic]1 & *ief f9ancial (fic] ( an in/itution ( high] education or _! equival5ts4 7b7 ,sanctions = sub/antial misrepres5tations or s]i\s violations 7#a7 ,civil p5alties 7,a7 ,9 g5]al ,! ,secret>y may impose a civil p5alty ^u an eligible in/itution ^u mak+ a det]m9ation1 aft] reasonable notice & opportunity = a he>+1 t an eligible in/itution has engag$ 9 a sub/antial misrepres5tation or o!r s]i\s violation4 7,b7 ,am\nt ( civil p5alties ,a civil p5alty impos$ = a violation "u subp>agraph 7,a7 %all be n less ?an #ajj1jjj or-- 7i7 9 ! case ( a fir/ violation1 an am\nt equal to ! product ( #a1jjj1jjj multipli$ by ! in/itution's /ud5t default risk1 :i*ev] is l>g]2 7ii7 9 ! case ( a second violation1 an am\nt equal to ! product ( #b1jjj1jjj multipli$ by ! in/itution's /ud5t default risk1 :i*ev] is l>g]2 & 7iii7 9 ! case ( a ?ird or subsequ5t violation1 an am\nt equal to ! product ( #c1jjj1jjj multipli$ by ! in/itution's /ud5t default risk1 :i*ev] is l>g]4 7,c7 ,treatm5t ( multiple in/itutions ,= ! purpose ( det]m9+ ! numb] ( violations "u subp>agraph 7,b71 any violation by a p>ticul> in/itution w accrue aga9/ all id5tification codes us$ by ! ,(fice ( ,po/second>y ,education to designate campuses & in/itutions affiliat$ ) ! in/itution1 & )9 ! p]iod ( p>ticipation = ! in/itution1 z def9$ 9 section #ffh4ac7;b7 ( title #cd1 ,code ( ,f$]al ,regulations1 or any successor regulation4 7c7 ,sanctions = o!r violations ( ?is title ,^u det]m9ation1 aft] reasonable notice & opportunity = a he>+1 t an eligible in/itution has engag$ 9 a violation ( any o!r provision ( ?is title1 includ+ ! failure to c>ry out any provision ( ?is title1 t is n a significant misrepres5tation or o!r s]i\s violation1 ! ,secret>y may impose a civil p5alty ^u su* in/itution ( n m ?an #ajj1jjj 7subject to su* adju/m5ts = inflation z may be prescrib$ 9 regulation7 = ea* su* violation4 7d7 ,civil p5alties & sanctions = (fic]s ( in/itutions ,^u det]m9ation1 aft] reasonable notice & an opportunity = a he>+ on ! record1 t an (fic] ( an in/itution ( high] education t p>ticipates 9 a program "u ?is title has kn[+ly & willfully1 or ) gross neglig5ce1 violat$ a provision ( ?is title1 ! ,secret>y may sanction ! (fic]4 ,su* sanctions may include ! foll[+3 7#a7 ,prohibit+ ! in/itution ( high] education t has employ$ ! (fic] ( an in/itution ( high] education & t p>ticipates 9 a program "u ?is title1 or any o!r in/itution ( high] education t p>ticipates 9 a program "u ?is title1 f employ+ ! (fic]1 except t any su* prohibition "u ?is subsection %all n be = a p]iod ( m ?an #e ye>s f ! date ( ! det]m9ation ( ! violation4 7#b7 ,assess+ a civil p5alty aga9/ an (fic] ( an in/itution ( high] education :o has kn[+ly & willfully1 or ) gross neglig5ce1 violat$ a provision ( ?is title1 except t any su* civil p5alty "u ?is subsection %all n be great] ?an ! am\nt ( ! (fic]'s comp5sation = ea* ye> = :i* ! violations are det]m9$ to h occurr$4 ,= purposes ( ?is p>agraph1 an (fic]'s comp5sation %all include proce$s ( any sales ( /ock & any inc5tive-bas$ comp5sation 7includ+ /ock options aw>d$ z comp5sation7 bas$ on in=mation requir$ to be report$ to ! ,secret>y or any o!r ,f$]al ag5cy dur+ ! p]iod 9 :i* ! violations are det]m9$ to h occurr$4 7e7 ,limitation1 susp5sion1 or t]m9ation ( eligibility /atus 7#a7 ,9 g5]al ,^u det]m9ation1 aft] reasonable notice & opportunity = a he>+1 t an eligible in/itution has engag$ 9 a violation ( any provision ( ?is title 7includ+ ! failure to c>ry out any provision ( ?is title or any regulation prescrib$ "u su* provision7 or a violation ( any applicable special arrangem5t1 agreem5t1 or limitation1 ! ,secret>y may limit1 susp5d1 or t]m9ate ! p>ticipation 9 any program "u ?is title ( an eligible in/itution1 subject to ! requirem5ts ( p>agraph 7#b74 7#b7 ,susp5sion proc$ures ,no p]iod ( susp5sion "u ?is section %all exce$ #fj days unless ! in/itution & ! ,secret>y agree to an ext5sion or unless limitation or t]m9ation proce$+s are initiat$ by ! ,secret>y )9 t p]iod ( "t4 7f7 ,em]g5cy action 7#a7 ,9 g5]al ,! ,secret>y may take an em]g5cy action aga9/ an in/itution1 "u :i* ! ,secret>y %all1 effective on ! date on :i* a notice & /atem5t ( ! basis ( ! action is mail$ to ! in/itution 7by regi/]$ mail1 return receipt reque/$71 )hold funds f ! in/itution or its /ud5ts & )draw ! in/itution's au?ority to obligate funds "u any program "u ?is title1 if ! ,secret>y-- 7,a7 receives in=mation1 det]m9$ by ! ,secret>y to be reliable1 t ! in/itution is violat+ any provision ( ?is title1 any regulation prescrib$ "u ?is title1 or any applicable special arrangem5t1 agreem5t1 or limitation2 7,b7 det]m9es t imm$iate action is necess>y to prev5t misuse ( ,f$]al funds2 & 7,c7 det]m9es t ! likelihood ( loss outweighs ! importance ( ! proc$ures prescrib$ 9 subsection 7e7 = limitation1 susp5sion1 or t]m9ation4 7#b7 ,"t limitation ,an em]g5cy action describ$ 9 p>agraph 7#a7 %all n exce$ #cj days unless limitation1 susp5sion1 or t]m9ation proce$+s are initiat$ by ! ,secret>y aga9/ ! in/itution )9 t p]iod ( "t4 7#c7 ,opportunity to %[ cause ,! ,secret>y %all provide an in/itution t is ! subject ( an em]g5cy action "u ?is subsection an opportunity to %[ cause1 if ! in/itution s reque/s1 t ! em]g5cy action is unw>rant$ & %\ld be lift$4 7g7 ,lift+ ( sanctions ,not)/&+ any o!r provision ( ?is title1 an in/itution ( high] education t has be5 sanction$ by ! ,secret>y "u ?is section or any o!r provision ( ?is title may n h su* sanctions lift$ until ! ,secret>y has conduct$ a subsequ5t program review "u section #dih;,a & has f\nd ! in/itution to be 9 compliance ) ?is title4 7h7 ,s+le c\rse ( conduct2 compromise au?ority 7#a7 ,same c\rse ( conduct ,= purposes ( ?is section1 acts & omissions relat+ to a s+le c\rse ( conduct %all be treat$ z a s+le violation4 7#b7 ,compromise au?ority ,any civil p5alty "u ?is section may be compromis$ by ! ,secret>y4 ,9 det]m9+ ! am\nt ( su* p5alty1 or ! am\nt agre$ ^u 9 compromise1 ! ,secret>y %all consid]-- 7,a7 ! appropriat5ess ( ! p5alty to ! size ( ! in/itution ( high] education subject to ! det]m9ation2 & 7,b7 ! gravity ( ! violation1 failure1 or misrepres5tation4 7i7 ,collection ( p5alty ,! am\nt ( any p5alty "u ?is section may be d$uct$ f any sums ow+ by ! ,unit$ ,/ates to ! in/itution *>g$4 7j7 ,disposition ( am\nts recov]$ 7#a7 ,9 g5]al ,am\nts collect$ "u ?is section %all be transf]r$ to ! ,secret>y1 :o %all det]m9e ! di/ribution ( collect$ am\nts1 9 accordance ) p>agraphs 7#b7 & 7#c74 7#b7 ,use = program integrity ef=ts & program reviews 7,a7 ,9 g5]al ,= ea* fiscal ye>1 an am\nt equal to n m ?an #ej p]c5t ( ! am\nts recov]$ or collect$ "u ?is section-- 7i7 %all be available to ! ,secret>y to c>ry out program reviews "u section #dih;,a & o!r ef=ts by ! ,secret>y relat$ to program integrity "u "p ,h2 & 7ii7 may be cr$it$1 if applicable1 = t purpose by ! ,secret>y to any appropriations & funds t are available to ! ,secret>y = obligation at ! "t ( collection4 7,b7 ,supplem5t n supplant ,am\nts made available "u subp>agraph 7,a7 %all be us$ to supplem5t & n supplant any o!r am\nts available to ! ,secret>y = ! purpose describ$ 9 su* subp>agraph4 7,c7 ,availability = funds ,any am\nts collect$ "u ?is section t are made available "u subp>agraph 7,a7 %all rema9 available until exp5d$4 7#c7 ,use = /ud5t relief fund ,= ea* fiscal ye>1 an am\nt equal to n less ?an #ej p]c5t ( ! am\nts recov]$ or collect$ "u ?is section %all be deposit$ into ! ,/ud5t ,relief ,fund e/abli%$ "u subsection 7k74 7#d7 ,report ,! ,secret>y %all regul>ly publi%1 on ! website ( ! ,dep>tm5t1 a detail$ description t includes-- 7,a7 ! am\nt ( funds t 7 di/ribut$ = ! purposes describ$ 9 p>agraph 7#b7 & ! am\nt us$ = ! ,/ud5t ,relief ,fund "u p>agraph 7#c72 & 7,b7 h[ funds 7 di/ribut$ among ! purposes describ$ 9 p>agraph 7#b77;,a77i74 7k7 ,/ud5t relief fund 7#a7 ,e/abli%m5t ,! ,secret>y %all e/abli% a ,/ud5t ,relief ,fund 7ref]r$ to 9 ?is subsection z ! ,fund7 t %all be us$1 subject to ! availability ( funds1 to provide f9ancial relief to any /ud5t enroll$ 9 an in/itution ( high] education t-- 7,a7 has fail$ to comply ) an eligibility requirem5t "u section #aja or #ajb or an obligation incurr$ "u ! t]ms ( ! program p>ticipation agreem5t "u section #dhg2 or 7,b7 has be5 sanction$ "u subsection 7b7 or 7c74 7#b7 ,det]m9ation ( relief ,! ,secret>y1 9 consultation ) ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection-- 7,a7 %all det]m9e ! mann] ( relief to be provid$ "u p>agraph 7#a71 :i* may include tuition reimbursem5t or full or p>tial loan =giv5ess2 & 7,b7 may issue regulations reg>d+ h[ ! am\nts 9 ! ,fund w be di/ribut$ among /ud5ts eligible = ! funds4 7#c7 ,treatm5t & availability ( funds 7,a7 ,funds t are n gov]nm5t funds ,funds obta9$ by or transf]r$ to ! ,fund %all n be con/ru$ to be ,gov]nm5t funds or appropriat$ monies4 7,b7 ,am\nts n subject to apportionm5t ,not)/&+ any o!r provision ( law1 am\nts 9 ! ,fund %all n be subject to apportionm5t = purposes ( *apt] #ae ( title #ca1 ,unit$ ,/ates ,code1 or "u any o!r au?ority4 7,c7 ,no fiscal ye> limitation ,sums deposit$ 9 ! ,fund %all rema9 9 ! ,fund & be available = exp5diture "u ?is subsection )\t fiscal ye> limitation4 7#d7 ,inve/m5ts 7,a7 ,am\nts 9 fund may be inve/$ ,! ,secret>y ( ,education may reque/ ! ,secret>y ( ! ,treasury to inve/ ! portion ( ! ,fund t is n1 9 ! discretion ( ! ,secret>y ( ,education1 requir$ to meet ! curr5t ne$s ( ! ,fund4 7,b7 ,eligible inve/m5ts ,inve/m5ts %all be made by ! ,secret>y ( ! ,treasury 9 obligations ( ! ,unit$ ,/ates or obligations t are gu>ante$ z to pr9cipal & int]e/ by ! ,unit$ ,/ates1 ) maturities suitable to ! ne$s ( ! ,fund z det]m9$ by ! ,secret>y on ! record4 7,c7 ,int]e/ & proce$s cr$it$ ,! int]e/ on1 & ! proce$s f ! sale or r$emption (1 any obligations held 9 ! ,fund %all be cr$it$ to ! ,fund4 7#e7 ,regulations ,! ,secret>y %all prescribe regulations to implem5t ! requirem5ts ( ?is section )9 #a ye> aft] ! date ( enactm5t ( ! ,/ud5ts ,be=e ,pr(its ,act4 7#f7 ,au?orization ( appropriations ,9 addition to funds d]iv$ f f9ancial p5alties assess$ pursuant to subsection 7j71 !re are au?oriz$ to be appropriat$ su* sums z may be necess>y to c>ry out ?is subsection = fiscal ye> #bjae & ea* ( ! #e succe$+ fiscal ye>s4 7l7 ,/ate en=cem5t 7#a7 ,9 g5]al ,any violation ( subsection 7b71 includ+ ! regulations promulgat$ "u su* subsection1 %all be a cause ( action en=ceable by ! ,/ate1 ?r\gh ! attorney g5]al 7or ! equival5t !re(7 ( ! ,/ate1 9 any di/rict c\rt ( ! ,unit$ ,/ates 9 t ,/ate or 9 a ,/ate c\rt t is locat$ 9 t ,/ate & t has jurisdiction ov] ! def5dant4 ,! ,/ate may seek any relief provid$ "u p>agraph 7#d77;,b7 = su* violation1 or any rem$ies o!rwise provid$ "u law4 7#b7 ,notice requir$ 7,a7 ,9 g5]al ,be=e initiat+ any action 9 a c\rt or o!r adm9i/rative or regulatory proce$+ aga9/ any in/itution ( high] education z au?oriz$ by p>agraph 7#a7 to en=ce any provision ( ?is subsection1 includ+ any regulation promulgat$ by ! ,secret>y "u ?is subsection1 a ,/ate attorney g5]al %all timely provide a copy ( ! complete compla9t to be fil$ & writt5 notice describ+ su* action or proce$+ to ! ,secret>y1 except z provid$ 9 subp>agraph 7,b74 7,b7 ,em]g5cy action ,if prior notice is n practicable1 ! ,/ate attorney g5]al %all provide a copy ( ! complete compla9t & ! notice to ! ,secret>y imm$iately ^u in/itut+ ! action or proce$+4 7,c7 ,cont5ts ( notice ,! notification requir$ "u ?is p>agraph %all1 at a m9imum1 describe-- 7i7 ! id5tity ( ! p>ties2 7ii7 ! alleg$ facts und]ly+ ! proce$+2 & 7iii7 :e!r !re may be a ne$ to coord9ate ! prosecution ( ! proce$+ s z n to int]f]e ) any action1 includ+ any rulemak+1 und]tak5 by ! ,secret>y or ano!r ,f$]al ag5cy4 7#c7 ,regulations ,! ,secret>y %all prescribe regulations to implem5t ! requirem5ts ( ?is subsection & p]iodically provide guidance 9 ord] to fur!r coord9ate actions ) ! ,/ate attorneys g5]al4 7#d7 ,pres]vation ( /ate au?ority 7,a7 ,/ate claims ,no?+ 9 ?is subsection %all be con/ru$ z alt]+1 limit+1 or affect+ ! au?ority ( a ,/ate attorney g5]al or any o!r regulatory or en=cem5t ag5cy or au?ority to br+ an action or o!r regulatory proce$+ aris+ solely "u ! law 9 effect 9 t ,/ate4 7,b7 ,relief 7i7 ,9 g5]al ,relief "u ?is subsection may include1 )\t limitation-- 7,i7 rescission or re=mation ( contracts2 7,,ii7 refund ( moneys or return ( real prop]ty2 7,,iii7 re/itution2 7,,iv7 disgorgem5t or comp5sation = unju/ enri*m5t2 7,v7 paym5t ( damages or o!r monet>y relief pursuant to ! requirem5ts ( p>agraph 7#b72 7,,vi7 public notification reg>d+ ! violation1 includ+ ! co/s ( notification2 & 7,,vii7 limits on ! activities or functions ( ! p]son4 7ii7 ,exclusion ,relief "u ?is subsection %all n include ! ability to susp5d or t]m9ate ! eligibility /atus ( an in/itution ( high] education = programs "u ?is title4 4