(a) In General.— In the case of any for-profit educational institution that is converted to a nonprofit educational institution, the State approving agency or the Secretary when acting as a State approving agency shall conduct annual risk-based surveys of the institution during the three-year period beginning on the date on which the educational institution is so converted. (b) Risk-based Survey Defined.— In this section, the term “ risk-based survey ” means the risk-based survey developed under section 3673A of this title . (Added Pub. L. 116–315, title I, § 1022(a) , Jan. 5, 2021 , 134 Stat. 4959 .) Statutory Notes and Related Subsidiaries Effective Date Pub. L. 116–315, title I, § 1022(c) , Jan. 5, 2021 , 134 Stat. 4959 , as amended by Pub. L. 117–16, § 5(a) , June 8, 2021 , 135 Stat. 283 , provided that: “ Section 3699B of title 38 , United States Code, as added by subsection (a), shall apply with respect to the conversion of a for-profit educational institution to a nonprofit educational institution, or the conversion of a for-profit educational institution to a public educational institution, that occurs on or after the date of the enactment of this Act [ Jan. 5, 2021 ].” [ Pub. L. 117–16, § 5(b) , June 8, 2021 , 135 Stat. 283 , provided that: “The amendment made by subsection (a) [amending section 1022(c) of Pub. L. 116–315 , set out above] shall apply as if included in the enactment of the Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Improvement Act of 2020 ( Public Law 116–315 ).” ]