Page:United States Statutes at Large Volume 106 Part 1.djvu/543

 PUBLIC LAW 102-325—JULY 23, 1992 106 STAT. 511 (B) by striking "September 30, 1997" and inserting "September 30, 2002^'. (c) GUARANTEE AUTHORITY CONTINGENT ON TIMELY RULE- MAKING. — Section 421 of the Act is amended by inserting after 20 USC 1071. subsection (c) the following new subsection: "(d) LIMITATION ON AUTHORIZATION TO GUARANTEE NEW LOANS UNDER THIS PART.— Notwithstanding any other provision of this part, no new loan guarantees shall be issued after June 30, 1994, if the Secretary does not issue final regulations implementing the changes made to this part under the Higher Education Amendments of 1992 prior to that date. The authority to issue new loan guarantees sh^l resume upon the Secretary's issuance of such regulations. This subsection shall not provide the basis for avoiding any requirements for notice and public hearing on such regulations.". SEC. 412. ADVANCES FOR RESERVE FUNDS OF STATE AND NONPROFIT PRIVATE LOAN INSURANCE PROGRAMS. Section 422 of the Act (20 U.S.C. 1072) is amended— (1) in subsection (a)(2), by adding at the end the following new sentence: "Except as provided in section 428(c)(10)(E) or (F), such unencumbered non-Federal portion shall not be subject to recall, repayment, or recovery by the Secretary."; and (2) by adding at the end thereof the following new subsections: "(e) CORRECTION FOR ERRORS UNDER REDUCTION OF EXCESS CASH RESERVES.— "(1) IN GENERAL. — The Secretary shall pay any guaranty agency the amount of reimbursement of claims under section 428(c)(1), filed between September 1, 1988, and December 31, 1989, which were previously withheld or canceled in order to be applied to satisfy such agenc/s obligation to eliminate excess cash reserves held by such agency, based on the maximum cash reserve (as described in subsection (e) of this section as in effect on September 1, 1988) permitted at the end of 1986, if such maximum cash reserve was miscalculated because of erroneous financial information provided by such agency to the Secretary and if (A) such erroneous information is verified by an audited financial statement of the reserve fund, signed by a certified public accountant, and (B) such audited financial statement is provided to the Secretary prior to January 1, 1993. "(2) AMOUNT. — The amount of reimbursement for claims shall be equal to the amount of reimbursement for claims withheld or canceled in order to be applied to such agency's obligation to eliminate excess cash reserves which exceeds the amoiuit of that which would have been withheld or canceled if the maximum excess cash reserves had been accurately calculated. "(f) REFUND OF CASH RESERVE PAYMENTS.—The Secretary shall, within 30 days after the date of enactment of the Higher Education Amendments of 1992, pay the full amount of payments withheld or canceled under paragraph (3) of this subsection to any guaranty agency which— "(1) was required to eliminate excess cash reserves, based on the maximimi cash reserve (as described in subsection (e) of this section as in effect on September 1, 1988) permitted at the end of 1986;

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