112 STAT. 1762 PUBLIC LAW 105-244 —OCT. 7, 1998 (1) in paragraph (2)— (A) in the first sentence, by striking 'Vith respect to operating losses, net worth, asset to liabilities ratios, or operating fund deficits" and inserting "regarding ratios that demonstrate financial responsibility,"; and (B) in the second sentence, by inserting **, public," after "for profit"; (2) in paragraph (3)(A), by inserting "that the Secretary determines are reasonable" after "guarantees"; and (3) in paragraph (4)— (A) in the matter preceding subparagraph (A), by striking "ratio of current assets to current liabilities" and inserting "criteria"; and (B) in subparagraph (C), by striking "current operating ratio requirement" and inserting "criteria". (c) FINANCIAL GUARANTEES FROM OWNERS.— 20 USC 1099c. (1) AMENDMENT. —Section 498(e) is amended by adding at the end the following: "(6) Notwithstanding any other provision of law, any individual who— "(A) the Secretary determines, in accordance with paragraph (2), exercises substantial control over an institution participating in, or seeking to participate in, a program under this title; "(B) is required to pay, on behalf of a student or borrower, a refund of unearned institutional charges to a lender, or to the Secretary; and "(C) wilmiliy fails to pay such refund or willfully attempts in any manner to evade payment of such refund, shall, in addition to other penalties provided by law, be liable to the Secretary for the amount of the refund not paid, to the same extent with respect to such refund that such an individual would be liable as a responsible person for a penalty under section 6672(a) of Internal Revenue Code of 1986 with respect to the nonpayment of taxes.". 20 USC 1099c (2) EFFECTIVE DATE.— The amendment made by paragraph note- (1) shall be effective with respect to any unpaid refunds that were first required to be paid to a lender or to the Secretary on or after 90 days after the date of enactment of this Act. (d) APPLICATIONS AND SITE VISITS.— Section 498(f) is amended— (1) in the subsection heading, by striking "; SITE VISITS AND FEES" and inserting "AND SITE VISITS"; (2) in the second sentence, by striking "shall" and inserting "may"; (3) in the third sentence— (A) by striking "may establish" and insert "shall establish"; and (B) by striking "may coordinate" and inserting "shall, to the extent practicable, coordinate"; and (4) by striking the fourth sentence. (e) TIME LIMITATIONS ON, AND RENEWAL OF, ELIGIBILITY.— Subsection (g) of section 498 is amended to read as follows: "(g) TIME LIMITATIONS ON, AND RENEWAL OF. ELIGIBILITY.— "(1) GENERAL RULE.—After the expiration of the certification of any institution under the schedule prescribed under this section (as this section was in effect prior to the enactment
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