subject to apportionment for purposes of chap-
ter 15 of title 31, United States Code, or under 
any other authority. 
‘‘(C) NO FISCAL YEAR LIMITATION.—Sums 
deposited in the Fund shall remain in the Fund 
and be available for expenditure under this sub-
section without fiscal year limitation. 
‘‘(3) INVESTMENTS.— 
‘‘(A) AMOUNTS
IN
FUND
MAY
BE
IN-
VESTED.—The Secretary of Education may re-
quest the Secretary of the Treasury to invest 
the portion of the Fund that is not, in the dis-
cretion of the Secretary of Education, required 
to meet the current needs of the Fund. 
‘‘(B) 
ELIGIBLE
INVESTMENTS.—Invest-
ments shall be made by the Secretary of the 
Treasury in obligations of the United States or 
obligations that are guaranteed as to principal 
and interest by the United States, with matu-
rities suitable to the needs of the Fund as de-
termined by the Secretary on the record. 
‘‘(C) INTEREST
AND
PROCEEDS
CRED-
ITED.—The interest on, and the proceeds from 
the sale or redemption of, any obligations held 
in the Fund shall be credited to the Fund. 
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‘‘(4) REGULATIONS.—The Secretary shall pre-
scribe regulations to implement the requirements of 
this section within 1 year after the date of enact-
ment of the Students Before Profits Act of 2015. 
‘‘(5) AUTHORIZATION OF APPROPRIATIONS.—In 
addition to funds derived from financial penalties as-
sessed pursuant to subsection (j), there are author-
ized to be appropriated such sums as may be nec-
essary to carry out this subsection for fiscal year 
2015 and each of the 5 succeeding fiscal years. 
‘‘(l) STATE ENFORCEMENT.— 
‘‘(1) IN GENERAL.—Any violation of subsection 
(b), including the regulations promulgated under 
such subsection, shall be a cause of action enforce-
able by the State, through the attorney general (or 
the equivalent thereof) of the State, in any district 
court of the United States in that State or in a 
State court that is located in that State and that 
has jurisdiction over the defendant. The State may 
seek any relief provided under paragraph (4)(B) for 
such violation, or any remedies otherwise provided 
under law. 
‘‘(2) NOTICE REQUIRED.— 
‘‘(A) IN GENERAL.—Before initiating any 
action in a court or other administrative or reg-
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ulatory proceeding against any institution of 
higher education as authorized by paragraph 
(1) to enforce any provision of this subsection, 
including any regulation promulgated by the 
Secretary under this subsection, a State attor-
ney general shall timely provide a copy of the 
complete complaint to be filed and written no-
tice describing such action or proceeding to the 
Secretary, except as provided in subparagraph 
(B). 
‘‘(B) EMERGENCY ACTION.—If prior notice 
is not practicable, the State attorney general 
shall provide a copy of the complete complaint 
and the notice to the Secretary immediately 
upon instituting the action or proceeding. 
‘‘(C) CONTENTS OF NOTICE.—The notifi-
cation required under this paragraph shall, at a 
minimum, describe— 
‘‘(i) the identity of the parties; 
‘‘(ii) the alleged facts underlying the 
proceeding; and 
‘‘(iii) whether there may be a need to 
coordinate the prosecution of the pro-
ceeding so as not to interfere with any ac-
tion, including any rulemaking, undertaken 
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by the Secretary or another Federal agen-
cy. 
‘‘(3) REGULATIONS.—The Secretary shall pre-
scribe regulations to implement the requirements of 
this subsection and periodically provide guidance in 
order to further coordinate actions with the State at-
torneys general. 
‘‘(4) PRESERVATION OF STATE AUTHORITY.— 
‘‘(A) STATE CLAIMS.—Nothing in this sub-
section shall be construed as altering, limiting, 
or affecting the authority of a State attorney 
general or any other regulatory or enforcement 
agency or authority to bring an action or other 
regulatory proceeding arising solely under the 
law in effect in that State. 
‘‘(B) RELIEF.— 
‘‘(i) IN GENERAL.—Relief under this 
subsection may include, without limita-
tion— 
‘‘(I) rescission or reformation of 
contracts; 
‘‘(II) refund of moneys or return 
of real property; 
‘‘(III) restitution; 
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‘‘(IV) disgorgement or compensa-
tion for unjust enrichment; 
‘‘(V) payment of damages or 
other monetary relief; 
‘‘(VI) public notification regard-
ing the violation, including the costs 
of notification; and 
‘‘(VII) limits on the activities or 
functions of the person. 
‘‘(ii) EXCLUSION.—Relief under this 
subsection shall not include the ability to 
suspend or terminate the eligibility status 
of an institution of higher education for 
programs under this title.’’. 
(b) 
PROGRAM
REVIEW
AND
DATA.—Section 
498A(b)(8) of the Higher Education Act of 1965 (20 
U.S.C. 1099c–1(b)(8)) is amended by inserting ‘‘and to 
the applicable State attorney general if the institution is 
found to have not complied with the program review proc-
ess under this section’’ after ‘‘under review’’. 
SEC. 4. PERSONAL LIABILITY FOR OFFICERS OF INSTITU-
TIONS. 
Section 498(e) of the Higher Education Act of 1965 
(20 U.S.C. 1099c(e)) is amended— 
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