,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bfdj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #ag1 #bjai,mr4 
,br[n 7= himself & ,ms4 ,w>r57 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 make =-pr(it in/itutions
 ineligible = ,f$]al /ud5t aid & to     
protect ! integrity ( nonpr(it          
in/itutions ( high] education4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,/ud5ts ,n ,pr(its ,act ( #bjai4  #b4   
,def9ition ( in/itution ( high]         
education ,! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajja et seq47 is  
am5d$--  7#a7 9 section #aja-- 7,a7 9   
subsection 7a71 9 ! matt] prec$+        
p>agraph 7#a71 by /rik+ o!r ?an title   
,,iv12  7,b7 9 subsection 7b7-- 7i7 9 ! 
matt] prec$+ p>agraph 7#a71 by /rik+ o!r
 ?an title ,,iv12  7ii7 9 p>agraph 7#a71
 by /rik+ & aft] ! semicolon2  7iii7 9  
p>agraph 7#b77;,b71 by /rik+ ! p]iod at 

! end & ins]t+ a semicolon2 &  7iv7 by  
add+ at ! end ! foll[+3  7#c7 a public1 
nonpr(it po/second>y vocational         
in/itution2 &  7#d7 only = ! purposes ( 
"p ,d ( title ,,iv1 an in/itution       
outside ! ,unit$ ,/ates t is comp>able  
to an in/itution ( high] education1 z   
def9$ 9 subsection 7a71 & t has be5     
approv$ by ! ,secret>y = ! purpose ( "p 
,d ( title ,,iv1 consi/5t ) !           
requirem5ts ( section #deb7;d74  2  7,c7
 9 subsection 7c71 by /rik+ & section   
#ajb2 &  7,d7 by add+ at ! end ! foll[+3
  7d7 ,requirem5ts ( c\rses ( /udy &    
enrollm5t ,an in/itution %all be        
consid]$ to meet ! def9ition ( an       
in/itution ( high] education 9          
subsection 7a7 or 7b7 only if su*       
in/itution--  7#a7 limits enrollm5t (   
/ud5ts 9 di/ance education c\rses (f]$  
by ! in/itution to n m ?an #ej p]c5t (  
all /ud5ts enroll$ 9 ! in/itution1      
unless ! in/itution is a public or      
nonpr(it te*nical in/itution or c>e] &  
te*nical education s*ool1 z describ$ 9  

section #c7c77;,c7 ( ! ,c>l ,d4 ,p]k9s  
,c>e] & ,te*nical ,education ,act (     
#bjjf2  7#b7 limits enrollm5t ( /ud5ts  
:o are inc>c]at$ to n m ?an #be p]c5t ( 
all /ud5ts enroll$ 9 ! in/itution2  7#c7
 limits enrollm5t ( /ud5ts :o d n h a   
second>y s*ool diploma or its recogniz$ 
equival5t to n m ?an #ej p]c5t ( all    
/ud5ts enroll$ 9 ! in/itution2 &  7#d7  
if ! in/itution (f]s an education or    
tra9+ program t leads to a c]tificate1  
or o!r nondegree recogniz$ cr$5tial &   
funds available "u title ,,iv = /ud5ts  
are us$ = enrollm5t 9 su* education or  
program1 ensures t su* education or     
program prep>es /ud5ts = ga9ful         
employm5t 9 a recogniz$ occupation4  7e7
 ,limitations bas$ on managem5t ,an     
in/itution %all n be consid]$ to meet ! 
def9ition ( an in/itution ( high]       
education 9 subsection 7a7 or 7b7 if su*
 in/itution--  7#a7 ! in/itution1 or an 
affiliate ( ! in/itution t has ! p[]1 by
 contract or own]%ip int]e/1 to direct  
or cause ! direction ( ! managem5t or   

policies ( ! in/itution1 has fil$ =     
bankruptcy2 or  7#b7 ! in/itution1 !    
in/itution's own]1 ! in/itution's *ief  
executive (fic]1 or any o!r executive   
(fic] ( ! in/itution--  7,a7 has be5    
convict$ (1 or has pl$ nolo cont5d]e or 
guilty to1 a crime involv+ !            
acquisition1 use1 or exp5diture ( funds 
"u title ,,iv2  7,b7 has be5 det]m9$ to 
h committ$ fraud1 sub/antial            
misrepres5tation1 or false c]tification 
involv+ funds "u title ,,iv2 or  7,c7   
has be5 previ\sly employ$ at an         
in/itution receiv+ funds "u title ,,iv t
 clos$4  7f7 ,c]tification ,! ,secret>y 
%all c]tify an in/itution's             
qualification z an in/itution ( high]   
education 9 accordance ) ! requirem5ts (
 subp>t #c ( "p ,h ( title ,,iv4  7g7   
,loss ( eligibility ,an in/itution (    
high] education %all n be consid]$ to   
meet ! def9ition ( an in/itution ( high]
 education 9 subsection 7a7 or 7b7 if   
su* in/itution is remov$ f eligibility =
 funds "u title ,,iv z a result ( an    

action pursuant to "p ,h ( title ,,iv4  
7h7 ,po/second>y vocational in/itution  
7#a7 ,pr9cipal crit]ia ,= ! purpose (   
?is section1 ! t]m po/second>y          
vocational in/itution means a s*ool t-- 
7,a7 provides an eligible program (     
tra9+ to prep>e /ud5ts = ga9ful         
employm5t 9 a recogniz$ occupation2     
7,b7 meets ! requirem5ts ( p>agraphs    
7#a71 7#b71 7#d71 & 7#e7 ( subsection   
7a72 &  7,c7 has be5 9 exi/5ce = at lea/
 #b ye>s4  7#b7 ,additional in/itutions 
,! t]m po/second>y vocational in/itution
 also includes an educational in/itution
 9 any ,/ate t1 9 lieu ( ! requirem5t 9 
subsection 7a77#a71 admits z regul>     
/ud5ts individuals--  7,a7 :o are beyond
 ! age ( compulsory s*ool att5dance 9 ! 
,/ate 9 :i* ! in/itution is locat$2 or  
7,b7 :o w be dually or concurr5tly      
enroll$ 9 ! in/itution & a second>y     
s*ool4  7i7 ,in/itution outside ! unit$ 
/ates  7#a7 ,9 g5]al ,= ! purpose (     
qualify+ z an in/itution "u subsection  
7b77#d71 ! ,secret>y %all e/abli%       

crit]ia by regulation = ! approval (    
in/itutions outside ! ,unit$ ,/ates & = 
! det]m9ation t su* in/itutions are     
comp>able to an in/itution ( high]      
education1 z def9$ 9 subsection #aja7;a7
 7except t a graduate m$ical s*ool1     
nurs+ s*ool1 or a vet]9>y s*ool1 locat$ 
outside ! ,unit$ ,/ates %all n be       
requir$ to meet ! requirem5ts (         
subsection 7a77#d774 ,su* crit]ia %all  
include a requirem5t t a /ud5t att5d+   
su* s*ool outside ! ,unit$ ,/ates is    
ineligible = loans made "u "p ,d ( title
 ,,iv unless--  7,a7 9 ! case ( a       
graduate m$ical s*ool locat$ outside !  
,unit$ ,/ates-- 7i7 at lea/ #fj p]c5t ( 
^? enroll$ 91 & at lea/ #fj p]c5t ( !   
graduates (1 ! graduate m$ical s*ool    
outside ! ,unit$ ,/ates 7 n p]sons      
describ$ 9 section #dhd7;a77#e7 9 ! ye> 
prec$+ ! ye> = :i* a /ud5t is seek+ a   
loan "u "p ,d ( title ,,iv2 &  7ii7 at  
lea/ #ge p]c5t ( ! individuals :o 7     
/ud5ts or graduates ( ! graduate m$ical 
s*ool outside ! ,unit$ ,/ates or ,canada

 7bo? nationals ( ! ,unit$ ,/ates &     
o!rs7 tak+ ! exam9ations adm9i/]$ by !  
,educational ,commission = ,=eign       
,m$ical ,graduates receiv$ a pass+ score
 9 ! ye> prec$+ ! ye> = :i* a /ud5t is  
seek+ a loan "u "p ,d ( title ,,iv2     
7,b7 9 ! case ( a vet]9>y s*ool locat$  
outside ! ,unit$ ,/ates t does n meet ! 
requirem5ts ( subsection 7a77#d71 !     
in/itution's /ud5ts complete _! cl9ical 
tra9+ at an approv$ vet]9>y s*ool locat$
 9 ! ,unit$ ,/ates2 or  7,c7 9 ! case ( 
a nurs+ s*ool locat$ outside ( ! ,unit$ 
,/ates-- 7i7 ! nurs+ s*ool has an       
agreem5t ) a hospital1 or accr$it$ s*ool
 ( nurs+ 7z su* t]ms are def9$ 9 section
 #hja ( ! ,public ,heal? ,s]vice ,act   
7#db ,u4,s4,c4 #bif771 locat$ 9 ! ,unit$
 ,/ates t requires ! /ud5ts ( ! nurs+   
s*ool to complete ! /ud5ts' cl9ical     
tra9+ at su* hospital or accr$it$ s*ool 
( nurs+2  7ii7 ! nurs+ s*ool has an     
agreem5t ) an accr$it$ s*ool ( nurs+    
locat$ 9 ! ,unit$ ,/ates provid+ t !    
/ud5ts graduat+ f ! nurs+ s*ool locat$  

outside ( ! ,unit$ ,/ates also receive a
 degree f ! accr$it$ s*ool ( nurs+      
locat$ 9 ! ,unit$ ,/ates2  7iii7 ! nurs+
 s*ool c]tifies only ,f$]al ,direct     
,/af=d ,loans "u section                
#dee7;a77#b77;,a71 ,f$]al ,direct       
,unsubsidiz$ ,/af=d ,loans "u section   
#dee7;a77#b77;,d71 or ,f$]al ,direct    
,,plus ,loans "u section                
#dee7;a77#b77;,b7 = /ud5ts att5d+ !     
in/itution2  7iv7 ! nurs+ s*ool         
reimburses ! ,secret>y = ! co/ ( any    
loan defaults = curr5t & =m] /ud5ts     
includ$ 9 ! calculation ( ! in/itution's
 cohort default rate dur+ ! previ\s     
fiscal ye>2 &  7v7 n less ?an #ge p]c5t 
( ! individuals :o 7 /ud5ts or graduates
 ( ! nurs+ s*ool1 & :o took ! ,national 
,c\ncil ,lic5sure ,exam9ation = ,regi/]$
 ,nurses 9 ! ye> prec$+ ! ye> = :i* !   
in/itution is c]tify+ a ,f$]al ,direct  
,/af=d ,loan "u section                 
#dee7;a77#b77;,a71 a ,f$]al ,direct     
,unsubsidiz$ ,/af=d ,loan "u section    
#dee7;a77#b77;,d71 or a ,f$]al ,direct  

,,plus ,loan "u section                 
#dee7;a77#b77;,b71 receiv$ a pass+ score
 on su* exam9ation4  7#b7 ,failure to   
release in=mation ,! failure ( an       
in/itution outside ! ,unit$ ,/ates to   
provide1 release1 or au?orize release to
 ! ,secret>y ( su* in=mation z may be   
requir$ by p>agraph 7#a7 %all r5d] su*  
in/itution ineligible = ! purpose ( "p  
,d ( title ,,iv4  7#c7 ,special rule    
,if1 pursuant to ?is subsection1 an     
in/itution loses eligibility to         
p>ticipate 9 ! programs "u title ,,iv1  
!n a /ud5t enroll$ 9 su* in/itution may1
 not)/&+ su* loss ( eligibility1 cont9ue
 to be eligible to receive a loan "u "p 
,d ( title ,,iv :ile att5d+ su*         
in/itution = ! academic ye> succe$+ !   
academic ye> 9 :i* su* loss (           
eligibility occurr$4  2  7#b7 by /rik+  
section #ajb2 &  7#c7 by r$esignat+     
section #ajc z section #ajb4  #c4       
,repeal ( exi/+ ref]5ces to propriet>y  
in/itutions ,section #dhg ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  

#ajid7 is am5d$-- 7#a7 9 subsection     
7a7--  7,a7 by /rik+ p>agraph 7#bd72    
7,b7 by r$esignat+ p>agraphs 7#be7 ?r\gh
 7#bi7 z p>agraphs 7#bd7 ?r\gh 7#bh71   
respectively2  7,c7 9 p>agraph          
7#bd77;,a77ii7 7z r$esignat$ by         
subp>agraph 7,b771 by /rik+ subsection  
7e7 & ins]t+ subsection 7d72 &  7,d7 9  
p>agraph 7#bf7 7z r$esignat$ by         
subp>agraph 7,b771 by /rik+ subsection  
7h7 & ins]t+ subsection 7g72  7#b7 by   
/rik+ subsection 7d72  7#c7 by          
r$esignat+ subsections 7e7 ?r\gh 7j7 z  
subsections 7d7 ?r\gh 7i71 respectively2
  7#d7 9 subsection 7f77#a7 7z          
r$esignat$ by p>agraph 7#c771 by /rik+  
subsection 7e77#b7 & ins]t+ subsection  
7d77#b72 &  7#e7 9 subsection 7g77#a7 7z
 r$esignat$ by p>agraph 7#c771 by /rik+ 
subsection 7a77#bg7 9 ! matt] prec$+    
subp>agraph 7,a7 & ins]t+ subsection    
7a77#bf74  #d4 ,con=m+ am5dm5ts ,!      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajja et seq47 is am5d$-- 7#a7
 9 section #ajb1 z r$esignat$ by        

subsection 7a77#c71 9 p>agraph          
7#e77;,b71 by /rik+ 7z su* t]m is def9$ 
9 section #ajb72  7#b7 9 section #aad-- 
7,a7 9 subsection 7a71 by /rik+ 7z def9$
 9 section #ajb72 &  7,b7 9 subsection  
7b77#b77;,b71 by /rik+ 7z def9$ 9       
section #ajb72  7#c7 9 section          
#acc7;b7--  7,a7 by /rik+ p>agraph 7#e72
 &  7,b7 by r$esignat+ p>agraphs 7#f7   
?r\gh 7#i7 z p>agraphs 7#e7 ?r\gh 7#h71 
respectively2  7#d7 9 section #aea7b71  
by /rik+ 1 z su* t]m 9 def9$ 9 section  
#ajb12  7#e7 9 section #aeb--  7,a7 9   
subsection 7a77#a77;,a71 by /rik+       
subsections 7a77#bg7 & 7h7 ( section    
#dhg & ins]t+ subsections 7a77#bf7 & 7g7
 ( section #dhg2 &  7,b7 9 subsection   
7b77#a77;,b77i77,i71 by /rik+ section   
#dhg7;e7 & ins]t+ section #dhg7;d72     
7#f7 9 section #aec7;c77#c71 by /rik+   
section #dhg7;a77#be7 ea* place ! t]m   
appe>s & ins]t+ section #dhg7;a77#bd72  
7#g7 9 section #dbj,l7#a71 by /rik+ 1 z 
def9$ 9 section #ajb12  7#h7 9 section  
#dce7;a77#a71 by /rik+ 1 z def9$ 9      

section #ajb12  7#i7 section #dhf7;b7-- 
7,a7 9 p>agraph 7#b71 by /rik+ sections 
#ajb7;a77#c77;,a71 #ajb7;a77#c77;,b72   
7,b7 9 p>agraph 7#c77;,b71 by /rik+     
section #ajb7;a77#a77;,c7 & ins]t+      
section #aja7;b77#d72 &  7,c7 9 p>agraph
 7#c77;,c71 by /rik+ an in/itution (    
high] education t meets ! requirem5ts ( 
subsection 7a7 ( section #ajb1 o!r ?an !
 requirem5t ( p>agraph 7#c77;,a7 or     
7#c77;,b7 ( su* subsection1 & ins]t+ an 
in/itution ( high] education t meets !  
requirem5ts ( section #aja1 o!r ?an !   
requirem5t ( section #aja7;e77#a77;,a712
  7#aj7 9 section #dhg-- 7,a7 9         
subsection 7c77#a77;,a77iii71 by /rik+  
section #ajb7;a77#a77;,c7 & ins]t+      
section #aja7;b77#d72 &  7,b7 9         
subsection 7i7-- 7i7 by /rik+ p>agraph  
7#d72 &  7ii7 by r$esignat+ p>agraphs   
7#e7 & 7#f7 z p>agraphs 7#d7 & 7#e71    
respectively2  7#aa7 9 section          
#dia7l77#b77;,a71 by /rik+ section      
#ajb7;a77#a77;,c7 & ins]t+ section      
#aja7;b77#d72  7#ab7 9 section #dif--   

7,a7 9 subsection 7c77#c77;,a71 by /rik+
 section #dhg7;f7 & ins]t+ section      
#dhg7;e72  7,b7 9 subsection 7j71 by    
/rik+ section #ajb & ins]t+ section     
#aja2 &  7,c7 9 subsection 7k71 by /rik+
 section #ajb & ins]t+ section #aja2    
7#ac7 9 section #dih-- 7,a7 9 subsection
 7g77#c71 by /rik+ section              
#ajb7;a77#a77;,c7 & ins]t+ section      
#aja7;b77#d72  7,b7 9 subsection 7i71 by
 /rik+ section #ajb & ins]t+ section    
#aja2  7,c7 9 subsection 7j71 by /rik+  
sections #ajb7;b77#a77;,e7 &            
#ajb7;c77#a77;,c7 & ins]t+ section      
#aja7;i77#a77;,c72 &  7,d7 9 subsection 
7k7-- 7i7 9 p>agraph 7#a71 by /rik+     
section #dhg7;f7 & ins]t+ section       
#dhg7;e72 &  7ii7 9 p>agraph 7#b77;,a71 
by /rik+ sections #ajb7;b77#a77;,e7 &   
#ajb7;c77#a77;,c7 & ins]t+ section      
#aja7;i77#a77;,c72  7#ad7 9 section     
#dih;,b7b71 by /rik+ section            
#ajb7;a77#a77;,c7 & ins]t+ section      
#aja7;b77#d72  7#ae7 9 section          
#gda7;f77#b71 by /rik+ section #ajb &   

ins]t+ section #aja2 &  7#af7 9 section 
#hjg7;d77#a71 by /rik+ subp>agraph 7,a7 
& ins]t+ ! foll[+3  7,a7 int5d to pursue
 a c>e] 9 in/ruction at an in/itution ( 
high] education 9 ! ,unit$ ,/ates2 &  4 
#e4 ,integrity ( nonpr(it in/itutions ( 
high] education ,"p ,b ( title ,i ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajaa et seq47 is am5d$ by    
add+ at ! end ! foll[+3  #abd4          
,integrity ( nonpr(it in/itutions (     
high] education  7a7 ,det]m9ation ,on   
det]m9+ t an in/itution ( high]         
education meets ! requirem5ts "u        
subsection 7b71 ! ,secret>y %all approve
 ! conv]sion ( an in/itution ( high]    
education to a nonpr(it in/itution (    
high] education4  7b7 ,application ,to  
be eligible to conv]t "u ?is section &  
p>ticipate z a nonpr(it in/itution (    
high] education "u ?is ,act1 an         
in/itution ( high] education %all submit
 an application to ! ,secret>y t        
demon/rates ea* ( ! foll[+3  7#a7 ,t su*
 in/itution ( high] education is a      

nonpr(it in/itution ( high] education4  
7#b7 ,t ! assets or s]vices acquir$ f   
=m] own]s ( su* in/itution ( high]      
education 7 n acquir$ = m ?an ! value ( 
su* assets or s]vices4  7#c7 ,t no memb]
 ( ! gov]n+ bo>d ( su* in/itution (     
high] education 7o!r ?an ex (ficio      
memb]s s]v+ at ! pleasure ( ! rema9d] ( 
! gov]n+ bo>d & receiv+ a fix$ sal>y71  
or any p]son ) ! p[] to appo9t or remove
 memb]s ( su* gov]n+ bo>d or any        
imm$iate family memb] ( su* a memb] ( ! 
bo>d or su* a p]son ) p[] ( appo9tm5t1  
receives any sub/antial direct or       
indirect economic b5efit 7includ+ a     
lease1 promissory note1 or o!r contract7
 f su* in/itution ( high] education4    
7#d7 ,t su* in/itution ( high] education
 is an organization describ$ 9 section  
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & is exempt f taxation "u       
section #eja7;a7 ( su* ,code4  7#e7     
,subject to subsection 7c71 t none ( !  
core functions ( ! in/itution ( high]   
education are "u ! control (1 or subject

 to significant direction f1 an entity t
 is n a public in/itution ( high]       
education or o!r nonpr(it entity4  7c7  
,presumption ( significant direction ,= 
purposes ( subsection 7b77#e71 9 ! case 
( an in/itution1 !re %all be a          
conclusive presumption t an entity 7o!r 
?an su* in/itution7 ex]cises significant
 direction ov] su* in/itution if "o or m
 ( ! employees or own]s ( ! entity s]ves
 z an (fic]1 memb] ( ! bo>d1 or p]son   
hold+ simil> au?ority = su* in/itution4 
7d7 ,transition p]iod ,9 ! case ( an    
in/itution ( high] education approv$ =  
conv]sion "u subsection 7a71 su*        
in/itution %all be subject to any rules 
& regulations t apply to propriet>y     
in/itutions ( high] education1 z def9$ 9
 section #ajb7;b71 = a m9imum ( #e ye>s4
  7e7 ,value ,! t]m value1 ) respect to 
an acquisition "u subsection 7b77#b7--  
7#a7 includes ! value ( any ongo+       
relation%ip 7includ+ any contract1      
agreem5t1 lease or o!r arrangem5t72     
7#b7 subject to p>agraph 7#c71 may be   

demon/rat$ ?r\gh-- 7,a7 a ?ird-p>ty     
appraisal bas$ on comp>able assets      
acquir$ by1 or goods or s]vices procur$ 
by1 nonpr(it corporations 9 simil> m>ket
 conditions2  7,b7 an indep5d5t f9anc+ (
 ! acquisition bas$ ^u ! assets acquir$2
 or  7,c7 a full & op5 competition 9 !  
acquisition ( s]vices or assets1 z su*  
t]m is def9$ 9 section #b4aja7;b7 (     
title #dh1 ,code ( ,f$]al ,regulations1 
z 9 effect on ! date ( ! enactm5t ( ?is 
section2 &  7#c7 %all be subject to su* 
o!r demon/ration process det]m9$        
appropriate by ! ,secret>y 9 a case 9   
:i* ! ,secret>y does n accept a         
demon/ration process describ$ 9 p>agraph
 7#b74  7f7 ,publication  7#a7          
,application ,be=e ! ,secret>y may      
approve ! conv]sion ( an in/itution (   
high] education "u subsection 7a71 !    
application ( su* in/itution submitt$ to
 ! ,secret>y "u subsection 7b7 %all be  
publi%$ 9 ! ,f$]al ,regi/] ) an         
appropriate notice & comm5t p]iod4  7#b7
 ,det]m9ation ,! ,secret>y %all publi%  

ea* det]m9ation "u ?is section1 & !     
reasons = su* det]m9ation1 "u ! ,f$]al  
,regi/]4  7g7 ,public repres5tation &   
m>ket+ ( nonpr(it /atus ,an in/itution (
 high] education %all n promote or m>ket
 itself1 9 any mann]1 z a nonpr(it      
in/itution ( high] education unless--   
7#a7 9 ! case ( an in/itution ( high]   
education t seeks to conv]t to a        
nonpr(it in/itution ( high] education "u
 ?is section--  7,a7 ! ,secret>y has    
giv5 f9al approval ( ! conv]sion ( !    
in/itution to a nonpr(it in/itution (   
high] education "u ?is section2  7,b7 an
 accr$it+ ag5cy or association recogniz$
 by ! ,secret>y pursuant to section #dif
 has approv$ ! nonpr(it /atus ( !       
in/itution2 &  7,c7 ! ,/ate has giv5    
f9al approval to ! in/itution z a       
nonpr(it in/itution ( high] education1 z
 applicable2 &  7#b7 ! ,commission] (   
,int]nal ,rev5ue has approv$ !          
in/itution z tax exempt = purposes ( !  
,int]nal ,rev5ue ,code ( #aihf4  7h7    
,(fice ,to monitor nonpr(it integrity ,n

 lat] ?an #a ye> aft] ! date ( enactm5t 
( ! ,/ud5ts ,n ,pr(its ,act ( #bjai1 !  
,secret>y %all e/abli% an (fice )9 !    
,dep>tm5t ) ! exp]tise necess>y to c>ry 
out ?is section4  #abe4 ,review (       
gov]nance ,! ,secret>y %all review !    
gov]nance ( an in/itution ( high]       
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 transactions or arrangem5ts det]m9$ by 
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