PUBLIC LAW 105-244 —OCT. 7, 1998 112 STAT. 1761 such requirements within a timeframe specified by the Secretary, except that— "(i) such timeframe shall not exceed 12 months unless the Secretary extends such period for good cause; and "(ii) if the agency or association fails to bring the Notice agency or association into compliance within such timeframe, the Secretary shall, after notice and opportunity for a hearing, limit, suspend, or terminate the recognition of the agency or association."; and (6) in subsection (n)— (A) by striking "standards" each place the term appears and inserting "criteria"; (B) in paragraph (3)— (i) by striking "approval process" and inserting "recognition process"; (ii) by striking "approval or disapproval" and inserting "reco^iition or denial of recognition"; and (iii) by adding at the end the following: "When the Secretary decides to recognize an accrediting agency or association, the Secretary shall determine the agency or association's scope of recognition. If the agency or association reviews institutions offering distance education courses or programs and the Secretary determines that the agency or association meets the requirements of this section, then the agency shall be recognized and the scope of recognition shall include accreditation of institutions offering distance education courses or programs."; and (C) by striking paragraph (4) and inserting the following: "(4) The Secretary shall maintain sufficient documentation to support the conclusions reached in the recognition process, and, if the Secretary does not recognize any accreditation agency or association, shall make publicly available the reason for denying recognition, including reference to the specific criteria under this section which have not been fulfilled.". SEC. 493. ELIGmiLITY AND CERTIFICATION PROCEDURES. (a) SINGLE APPLICATION FORM. —Section 498(b) (20 U.S.C. 1099c(b)) is amended— (1) in paragraph (1), by striking "and capability" and inserting "financial responsibility, and administrative capability"; (2) by amending paragraph (3) to read as follows: "(3) requires— "(A) a description of the third party servicers of an institution of higher education; and "(B) the institution to maintain a copy of any contract with a financial aid service provider or loan servicer, and provide a copy of any such contract to the Secretary upon request;"; (3) in paragraph (4), by striking the period and inserting "; and"; and (4) by adding at the end the following: "(5) provides, at the option of the institution, for participation in one or more of the programs under part B or D.". (b) FINANCIAL RESPONSIBILITY STANDARDS.—Section 498(c) is amended— Records. Public information.
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