; and (III) for which the full faith and credit of such State, local government, or Indian tribal government is pledged for the timely payment of such obligations; or (ii) that is an instrumentality of a State or local government (as such terms are defined in subparagraph (A)). (B) Instrumentality of a state or local government An institution shall be considered an instrumentality of a State or local government for purposes of this paragraph if the institution meets all of the following requirements: (i) The employees of the institution are employees of the State or local government. (ii) Any liability of the institution is payable to the same degree as if the liability was a liability of the State or local government, in the State or local government jurisdiction where the institution is formed. (iii) The institution is subject to the same financial oversight and open public records laws as the State or local government, in the State or local government jurisdiction where the institution is formed. . 305. Enhanced civil penalties, State enforcement, and private right of action (a) In general Part G of title IV (20 U.S.C. 1088 et seq.) is amended by inserting after section 489 the following: 489A. Enhanced civil penalties, State enforcement, and private right of action (a) Definitions In this section: (1) Misrepresentation The term misrepresentation means any false, erroneous, or misleading statement an eligible institution of higher education, a third party servicer that contracts with such institution, or a third party contractor makes directly or indirectly to a student, prospective student, or any member of the public, or to an accrediting agency or association, State approval agency, or the Secretary. A misrepresentation includes— (A) the making of a statement that has the likelihood or tendency to deceive