113 STAT. 1916 PUBLIC LAW 106-170—DEC. 17, 1999 Applicability. 20 USC 1087-1 note. Deadlines. "(II) 2.64 percent, exceeds the rate determined under section 427A(k)(4).". (b) EFFECTIVE DATE. — Subparagraph (I) of section 438(b)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087-l(b)(2)) as added by subsection (a) of this section shall apply with respect to any payment pursuant to such section with respect to any 3-month period beginning on or after January 1, 2000, for loans for which the first disbursement is made after such date. SEC. 410. SCHEDULE FOR PAYMENTS UNDER SSI STATE SUPPLEMEN- TATION AGREEMENTS. (a) SCHEDULE FOR SSI SUPPLEMENTATION PAYMENTS.— (1) IN GENERAL.— Section 1616(d) of the Social Security Act (42 U.S.C. 1382e(d)) is amended— (A) in paragraph (1), by striking "at such times and in such installments as may be agreed upon between the Commissioner of Social Security and such State" and inserting "in accordance with paragraph (5)"; and (B) by adding at the end the following new paragraph: "(5)(A)(i) Any State which has entered into an agreement with the Commissioner of Social Security under this section shall remit the payments and fees required under this subsection with respect to monthly benefits paid to individuals under this title no later than— "(I) the business day preceding the date that the Commissioner pays such monthly benefits; or "(II) with respect to such monthly benefits paid for the month that is the last month of the State's fiscal year, the fifth business day following such date. "(ii) The Commissioner may charge States a penalty in an amount equal to 5 percent of the payment and the fees due if the remittance is received after the date required by clause (i). "(B) The Cash Management Improvement Act of 1990 shall not apply to any payments or fees required under this subsection that are paid by a State before the date required by subparagraph (A)(i). "(C) Notwithstanding subparagraph (A)(i), the Commissioner may make supplementary payments on behalf of a State with funds appropriated for payment of benefits under this title, and subsequently to be reimbursed for such payments by the State at such times as the Commissioner and State may agree. Such authority may be exercised only if extraordinary circumstances affecting a State's ability to make payment when required by subparagraph (A)(i) are determined by the Commissioner to exist.". (2) AMENDMENT TO SECTION 212. — Section 212 of Public Law 93-66 (42 U.S.C. 1382 note) is amended— (A) in subsection (b)(3)(A), by striking "at such times and in such installments as may be agreed upon between the Secretary and the State" and inserting "in accordance with subparagraph (E)"; (B) by adding at the end of subsection (b)(3) the following new subparagraph: "(E)(i) Any State which has entered into an agreement with the Commissioner of Social Security under this section shall remit the pa3mients and fees required under this paragraph with respect to monthly benefits paid to individuals under title XVI of the Social Security Act no later than—
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