; and (2) by adding at the end the following: (C) In this paragraph: (i) The term misleading means having the likelihood or tendency to mislead under the circumstances. (ii) The term misrepresentation — (I) means any false, erroneous, or misleading statement an institution, one of its representatives, or a third-party servicer (as defined in section 481(c)) makes directly or indirectly to a student, prospective student or any member of the public, or an accrediting agency, a State agency, or to the Secretary; and (II) includes any statement that omits information in such a way as to make the statement false, erroneous, or misleading. (iii) The term statement means any communication made in writing, visually, orally, or through other means. (iv) The term substantial misrepresentation means any misrepresentation on which the person to whom such misrepresentation was made could reasonably be expected to rely, or has reasonably relied, to that person's detriment. . 4624. Teach-out plans Section 487(f)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(f)(2) ) is amended to read as follows: (2) Teach-out plan defined In this subsection, the term teach-out plan means a written plan that provides for the equitable treatment of students if an institution of higher education ceases to operate before all students have completed their program of study that— (A) shall include— (i) a process to maintain a complete list of such students and the estimated date of completion of each such student’s program of study; and (ii) a record retention plan that includes— (I) a plan to provide each student with the transcript of such student, at no cost to such student; and (II) the policies and procedures required under subparagraphs (B) and (C) of section 495(a)(6). (B) may include— (i) if required by the institution’s accrediting agency or association, an agreement between institutions for such a teach-out plan