Migration to Platform

(a) In general Not later than 2 years after the date on which the Administrator submits the report required under section 4, the Director, in consultation with the Administrator and the Provider and in collaboration with the heads of relevant agencies, shall commence migration of other agency loan management systems to the Platform, as outlined in the report. (b) Deadline Not later than 3 years after the date of enactment of this Act, each agency that administers a Federal loan program shall complete migration of its loan management systems to the Platform established under section 4, unless granted an exception by the Director under subsection (c)(2). (c) Migration criteria and exceptions (1) Criteria for migration The Director shall, in consultation with the Administrator, establish and publish criteria for determining which agencies shall migrate their loan management systems to the Platform, which shall include loan programs— (A) that originate or service more than 50 loans annually; or (B) with loan amounts of more than $10,000,000 in the aggregate. (2) Exceptions (A) In general The Director may grant an exception to the migration requirement under this section if the Director— (i) determines that migration would be impracticable or contrary to the interest of program efficiency; and (ii) notifies the appropriate congressional committees not later than 30 days after making that determination. (B) Duration The Director may grant an exception under subparagraph (A) for a period of no longer than 3 years. (C) Notification The Director shall notify the Administrator of any exception granted under this paragraph not later than 15 days after making such determination. (D) Plan Any agency that is granted an exception under subparagraph (A) shall, not later than 2 years of being granted an exception, develop a plan for migration after the initial exception period under subparagraph (B).