Page:United States Statutes at Large Volume 106 Part 1.djvu/660

 106 STAT. 628 PUBLIC LAW 102-325—JULY 23, 1992 this title, at least once every year and covering the period since the most recent audit, conducted by a qualified, independent organization or person in accordance with standards estab- Ushed by the Comptroller Genersil for the audit of governmental organizations, programs, and functions, and as prescribed in regulations of the Secretary, the resiilts of which shall be submitted to the Secretary; or "(ii) with regard to a third party servicer that is audited under chapter 75 of title 31, United States Code, such audit shall be deemed to satisfy the requirements of clause (i) for the period covered by such audit; Regulations. "(D)(i) a compliance audit of a secondary market with regard to its transactions involving, and its servicing and collection of, loans made xmder this title, at least once a year and covering h,- 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 i shall be submitted to the Secretary; or "(ii) with regard to a secondary market that is audited under chapter 75 of title 31, United States Code, such audit shall be deemed to satisfy the requirements of clause (i) for the period covered by the audit;"; (4) in subparagraph (H) (as redesignated) of such paragraph, by striking out "an individual or an organization" and inserting in lieu thereof "a third party servicer"; (5) in subparagraph (I) (as redesignated) of such paragraph, • by striking out "an individual or an organization" and inserting in lieu thereof "a third party servicer"; (6) in paragraph (3), by inserting ", after consultation with each State review entity designated under subpart 1 of part H," after "shall publish"; (7) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; (8) by inserting immediately after paragraph (1) the following new paragraph: "(2) If an individual who, or entity that, exercises substantial control, as determined by the Secretary in accordance with the definition of substantial control in subpart 3 of part H, over one or more institutions participating in any program under this title, or, for pxirposes of paragraphs (1)(H) and (I), over one or more organizations that contract with an institution to administer any aspect of the institution's student assistance program under this title, is determined to have committed one or more violations of the requirements of any program under this title, or has been suspended or debarred in accordance with the regulations of the Secretary, the Secretsiry may use such determination, suspension, or debarment as the basis for imposing an emergency action on, or limiting, suspending, or terminating, in a single proceeding, the participation of any or all institutions under the substantial control of that individual or entity."; and (9) by adding at the end the following new paragraphs: "(5) The Secretary shall make readily available to appropriate guaranty agencies, eligible lenders. State review entities designated ^ under subpart 1 of part H, and accrediting agencies or associations

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