Committees on Veterans’ Affairs of the Senate and House of Representatives notice of such waiver for each calendar quarter for which such waiver applies. (5) The educational institution has agreed to abide by the Principles of Excellence under Executive Order 13607, as in effect on the date of the enactment of this paragraph, or the Secretary has waived the requirement under this paragraph with respect to an educational institution and submits to the Committees on Veterans’ Affairs of the Senate and House of Representatives notice of such waiver for each calendar quarter for which such waiver applies. . (b) Effective date The amendment made by subsection (a) shall take effect on the date that is 180 days after the date of the enactment of this Act. 4. Oversight of educational institutions placed on heightened cash monitoring status by Secretary of Education (a) In general Section 3673 of title 38, United States Code, is amended by adding at the end the following new subsection: (e) Notice of cash monitoring status (1) If the Secretary receives notice under paragraph (2) with respect to an educational institution, the Secretary shall provide such notice to the State approving agency for the State where the educational institution is located by not later than 30 days after the date on which the Secretary receives such notice. Not later than 60 days after receiving such notice, the State approving agency shall perform a risk-based oversight visit to the educational institution. (2) Notice under this paragraph is any of the following: (A) Notice from the Secretary of Education that pursuant to section 487(c)(1)(B) of the Higher Education Act of 1965 ( 20 U.S.C. 1094 ) an educational institution is receiving payments under the heightened cash monitoring payment method. (B) Notice that the Attorney General, the Federal Trade Commission, or any other Federal department or agency has taken legal action against an educational institution relating to misleading marketing status or misconduct, as defined by the Secretary