PUBLIC LAW 105-244—OCT. 7, 1998 112 STAT. 1693 the agreement, and other funds that the guaranty agency may receive or retsiin under the agreement, except that in no case may the cost to the Secretary of the agreement, as reasonably projected by the Secretary, exceed the cost to the Secretary, as similarly projected, in the absence of the agreement; "(C) regarding the use of net revenues, as described in the agreement under this section, for such other activities in support of postsecondary education as may be agreed to by the Secretary and the guaranty agency; "(D) regarding the standards by which the guaranty agency's performance of the agency's responsibilities under the agreement will be assessed, and the consequences for a guaranty agenc^s failure to achieve a specified level of performance on 1 or more performance standards; "(E) regarding the circumstances in which a guaranty agency's agreement under this section may be ended in advance of the agreement's expiration date; "(F) regarding such other businesses, previously purchased or developed with reserve funds, that relate to the program under this part and in which the Secretary permits the guaranty agency to engage; and "(G) such other provisions as the Secretary may determine to be necessary to protect the United States from the risk of unreasonable loss and to promote the purposes of this part; "(3) shall provide for uniform lender participation with the guaranty agency under the terms of the agreement; and "(4) shall not prohibit or restrict borrowers from selecting a lender of the borrower's choosing, subject to the prohibitions and restrictions applicable to the selection under this Act. "(c) PUBLIC NOTICE. — "(1) IN GENERAL. — The Secretary shall publish in the Federal Register, Federal Register a notice to all guaranty agencies that sets publication, forth— "(A) an invitation for the guaranty agencies to enter into agreements under this section; and "(B) the criteria that the Secretary will use for selecting the guaranty agencies with which the Secretary will enter into agreements under this section. "(2) AGREEMENT NOTICE.— The Secretary shall notify the Chairperson and the Ranking Minority Member of the Committee on Labor and Human Resources of the Senate and the Committee on Education and the Workforce of the House of Representatives not later than 30 days prior to concluding an agreement under this section. The notice shall contain— "(A) a description of the voluntary flexible agreement and the performance goals established by the Secretary for the agreement; "(B) a list of participating guaranty agencies and the Records, specific statutory or regulatory waivers provided to each guaranty agency; "(C) a description of the standards by which each guaranty agency's performance under the agreement will be assessed; and "(D) a description of the fees that will be paid to each participating guaranty agency.
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