Page:United States Statutes at Large Volume 112 Part 2.djvu/808

 112 STAT. 1692 PUBLIC LAW 105-244 -OCT. 7, 1998 of section 428 as of the day before the date of enactment of the Higher Education Amendments of 1998. Beginning in fiscal year 2002, any guaranty agency or consortium thereof may enter into a voluntary flexible agreement with the Secretary. Deadline. "(4) REPORT REQUIRED.—Not later than September 30, 2001, the Secretary shall report to the Committee on Labor and Human Resources of the Senate and the Committee on Education and the Workforce of the House of Representatives regarding the impact that the voluntary flexible ag-eements have had upon program integrity, program and cost efficiencies, and the availability and delivery of student financial aid. Such report shall include— "(A) a description of each voluntary flexible agreement and the performance goals established by the Secretary for each agreement; Records. ''(B) a list of participating guaranty agencies and the specific statutory or regulatory waivers provided to each guaranty agency and any waivers provided to other guaranty agencies under paragraph (2); "(C) a description of the standards by which each agency's performance under the agency's voluntary flexible agreement was assessed and the degree to which each agency achieved the performance standards; and "(D) an analysis of the fees paid by the Secretary, and the costs and efficiencies achieved under each voluntary agreement. "(b) TERMS OF AGREEMENT.— An agreement between the Secretary and a guaranty agency under this section— "(1) shall be developed by the Secretary, in consultation with the guaranty agency, on a case-by-case basis; "(2) may only include provisions— "(A) specifying the responsibilities of the guaranty agency under the agreement, with respect to^ "(i) administering the issuance of insurance on loans made under this part on behalf of the Secretary; "(ii) monitoring insurance commitments made under this part; "(iii) default aversion activities; "(iv) review of default claims made by lenders; "(v) payment of default claims; "(vi) collection of defaulted loans; "(vii) adoption of internal systems of accounting and auditing that are acceptable to the Secretary, and reporting the result thereof to the Secretary in a timely manner, and on an accurate, and auditable basis; "(viii) timely and accurate collection and reporting of such other data as the Secretary may require to carry out the purposes of the programs under this title; "(ix) monitoring of institutions and lenders participating in the program under this part; and "(x) informational outreach to schools and students in support of access to higher education; "(B) regarding the fees the Secretary shall pay, in lieu of revenues that the guaranty agency may otherwise receive under this part, to the guaranty agency under

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