PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 625 SEC. 490. PROGRAM PARTICIPATION AGREEMENTS. (a) IN GENERAL. — Section 487(a) of the Act (20 U.S.C. 1094(a)) is amended— (1) in paragraph (3), by inserting before the period a comma and the following: "together with assursinces that the institution wili provide, upon request and in a timely fashion, information relating to the administrative capability and financial responsibility of the institution to^ "(A) the Secretary; "(B) the appropriate State review entity designated under subpart 1 ofpart H; "(C) the appropriate guaranty agency; and "(D) the appropriate accrediting agency or association"; (2) in paragraph (8)— (A) by striking "at or before the time of application," and inserting "at or before the time of application (A)"; and (B) by inserting before the period at the end the following: ", and (B) relevant State licensing requirements of the State in which such institution is located for any job for which the course of instruction is designed to prepare such prospective students"; and (3) by adding at the end the following new paragraphs: "(13) The institution will not deny any form of Federal financial aid to any student who meets the eligibihty requirements of this title on the grounds that the student is participating in a program of study abroad approved for credit by the institution. "(14)(A) The institution, in order to participate as an eligible institution under part B, will develop a Default Management Plan for approval by the Secretary as part of its initial application for certification as an eligible institution and will implement such Plan for two years thereafter. "(B) Any institution of higher education which changes ownership and any eligible institution which changes its status as a parent or subordinate institution shall, in order to participate as an eligible institution under part B, develop a Default Management Plan for approval by the Secretary and implement such Plsin for two years after its change of ownership or status. "(15) The institution acknowledges the authority of the Secretary, guaranty agencies, lenders, accrediting agencies, the Secretary of Veterans Affairs, and State review entities under subpart 1 of part H to share with each other any information pertaining to the institution's eligibility to participate in programs under this title or any information on fraud and abuse. "(16)(A) The institution will not knowingly employ an individual in a capacity that involves the administration of programs under this title, or the receipt of program funds under this title, who has been convicted of, or has pled nolo contendere or guilty to, a crime involving the acquisition, use, or expenditure of funds under this title, or has been judicially determined to have committed fraud involving funds under this title or contract with an institution or third party servicer that has been terminated under section 432 involving the acquisition, use, or expenditure of funds under this title, or who has been judicially determined to have committed fraud involving funds under this title.
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