; or (B) the control of a proprietary institution is transferred as a result of a sale, donation, or other method to an entity that seeks certification under this section as a public or other nonprofit institution. . (3) Application The amendments made by this section shall be apply with respect to applications submitted for change of control or conversion submitted on or after January 1, 2023. (4) Report Not later than 5 years after the date of enactment of this Act, the Comptroller General shall submit to the Committee on Education and the Workforce of the House of Representatives and the Committee on Health, Education, Labor, and Pensions of the Senate, a report on the implementation of the amendments made by this subsection, including recommendations to improve— (A) the application process under section 498(i) of the Higher Education Act of 1965 ( 20 U.S.C. 1099c(i) ), as amended by paragraph (2), for institutions of higher education seeking a change in ownership resulting in a change in control; or (B) the monitoring process under such section for institutions of higher education that have recently converted from being recognized as a proprietary institution to a public or other nonprofit institution. (d) Financial responsibility (1) Regulation repealed Sections 668.15, 668.23, 668.171, and 668.174 through 668.177 of title 34, Code of Federal Regulations (relating to financial responsibility), as added or amended by the final regulations published by the Department of Education in the Federal Register on October 31, 2023 (87 Fed. Reg. 74568 et seq.), are repealed and will have no force or effect. (2) Amendments Section 498(c) of the Higher Education Act of 1965 (20 6 U.S.C. 1099c(c) ) is amended— (A) by redesignating paragraphs (3), (4), (5), and (6) as paragraphs (4), (5), (6), and (7), respectively