PUBLIC LAW 99-498—OCT. 17, 1986
100 STAT. 1489
data concerning employment statistics, graduation statistics, and any other information necessary to substantiate the truthfulness of the advertisements. "(9) In the case of an institution participating in a program State and local under part B, the institution will inform all eligible borrowers governments. enrolled in the institution about the availability and eligibility of such borrowers for State grant assistance from the State in which the institution is located, and will inform such borrowers
from another State of the source for further information concerning such assistance from that State. "(10) The institution certifies that it has in operation a drug abuse prevention program that is determined by the institution to be accessible to any officer, employee, or student at the institution. "(b) HEARINGS.—(1) An institution that has received written notice of a final audit or program review determination and that desires to have such determination reviewed by the Secretary shall submit to the Secretary a written request for review not later than 45 days after receipt of notification of the final audit or program review determination. "(2) The Secretary shall, upon receipt of written notice under paragraph (1), arrange for a hearing on the record and notify the institution within 30 days of receipt of such notice the date, time, and place of such hearing. Such hearing shall take place not later than 120 days from the date upon which the Secretary notifies the institution. "(c) AUDITS; FINANCIAL RESPONSIBILITY; ENFORCEMENT OF STAND-
ARDS.—(1) Notwithstanding any other provisions of this title, the Secretary is authorized to prescribe such regulations as may be necessary to provide for— "(A)(i) except as provided in clause (ii), a financial and compliance audit of an eligible institution, with regard to any funds obtained by it under this title or obtained from a student or a parent who has a loan insured or guaranteed by the Secretary under this title, at least once every 2 years and covering the period since the most recent audit, conducted by a qualified, . independent organization or person in accordance with standards established by the Comptroller General for the audit of governmental organizations, programs, and functions, and as prescribed in regulations of the Secretary, the results of which shall be submitted to the Secretary; or "(ii) with regard to an eligible institution which is audited under chapter 75 of title 31, United States Code, deeming such 31 USC 7501 et i audit to satisfy the requirements of clause (i) for the period seq. covered by such audit; "(B) in matters not governed by specific program provisions, t. the establishment of reasonable standards of financial responsibility and appropriate institutional capability for the administration by an eligible institution of a program of student financial aid under this title; "(C) the establishment, by each eligible institution under part B responsible for furnishing to the lender the statement re- ? % quired by section 428(a)(2)(A)(i), of policies and procedures by which the latest known address and enrollment status of any student who has had a loan insured under this part and who has either formally terminated his enrollment, or failed to re-enroll i, on at least a half-time basis, at such institution, shall be fur-
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