Change of Ownership and Conversion Improvement Act

This bill would require institutions of higher education to pay fees when seeking approval for changes in ownership or conversion from proprietary to nonprofit status. The fees would fund faster reviews by the Department of Education (with a 90-day deadline) and monitoring by both the Department and the Internal Revenue Service. For institutions converting to nonprofit status, 50% of the fee would go to the IRS to monitor compliance with tax requirements. The bill aims to speed up the current review process, which can take up to 5 years, by creating a fee-based system to hire more staff. It also requires institutions to wait for final approval before marketing themselves as nonprofit institutions.