; and (2) in subsection (m)(3), by striking through the use of and all that follows through the period at the end and inserting through default manipulation. . 3. Civil penalties (a) In general Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq.) is amended by inserting after section 489 the following: 489A. Civil penalties and other remedies (a) Definitions In this section: (1) Officer of an institution of higher education The term officer of an institution of higher education includes the president, chief executive officer, and chief financial officer of an institution of higher education or their equivalents. (2) Student default risk The term student default risk means a risk that is reflected as a percentage that is calculated by taking an institution's 3-year cohort default rate, as defined in section 435(m), for the most recent fiscal year available, and multiplying it by the percentage of students enrolled at such institution receiving a Federal student loan authorized under this title during the previous academic year. (3) Substantial misrepresentation or other serious violation The term substantial misrepresentation or other serious violation means either of the following: (A) A substantial misrepresentation regarding— (i) the nature of the educational program of an institution of higher education; (ii) the financial charges of the institution; (iii) the space availability in a program of the institution for which a student is considering enrollment; (iv) the admission requirements of the institution; (v) the transferability of credits from the institution; (vi) whether a program of the institution meets the necessary standards to qualify students to sit for licensing examinations, or obtain certification required as a precondition for employment, in the State in which the students reside; (vii) the passage rates of students at the institution in obtaining certification requirements; (viii) the passage rates of students who sit for licensing examinations