REGULATORY RELIEF AND IMPROVEMENT.

SEC. 494. REGULATORY RELIEF AND IMPROVEMENT. Section 487A(b) (20 U.S.C. 1094a(b)) is amended—(1) by amending paragraph (1) to read as follows:“(1) In general.—The Secretary shall continue the voluntary participation of any experimental sites in existence as of July 1, 2007, unless the Secretary determines that such site’s participation has not been successful in carrying out the purposes of this section. Any activities approved by the Secretary prior to such date that have not been successful in carrying out the purposes of this section shall be discontinued not later than June 30, 2009.”;(2) in paragraph (2), by striking the matter preceding subparagraph (A) and inserting the following:“(2) Report.—The Secretary shall review and evaluate the experience of institutions participating as experimental sites and shall, on a biennial basis, submit a report based on the review and evaluation to the authorizing committees. Such report shall include—”; and(3) in paragraph (3)—(A) in subparagraph (A)—(i) by striking “Upon the submission of the report required by paragraph (2), the” and inserting “The”; and(ii) by inserting “periodically” after “authorized to”;(B) by striking subparagraph (B);(C) by redesignating subparagraph (C) as subparagraph (B); and(D) in subparagraph (B) (as redesignated by subparagraph (C))—122 STAT. 3319(i) by inserting “, including requirements related to the award process and disbursement of student financial aid (such as innovative delivery systems for modular or compressed courses, or other innovative systems), verification of student financial aid application data, entrance and exit interviews, or other management procedures or processes as determined in the negotiated rulemaking process under section 492” after “requirements in this title”;(ii) by inserting “(other than an award rule related to an experiment in modular or compressed schedules)” after “award rules”; and(iii) by inserting “unless the waiver of such provisions is authorized by another provision under this title” before the period at the end.