To amend the Arms Export Control Act to modify certification and report requirements relating to sales of major defense equipment with respect to which nonrecurring costs of research, development, and production are waived or reduced under the Arms Export Control Act, and for other purposes.

Return Expenses Paid and Yielded Act or the REPAY Act This bill modifies certification and reporting requirements relating to certain sales of major defense equipment. It requires a review and report on options for expansion of the use of administrative surcharges under the foreign military sales program, monitoring on the performance of such program, and a report and briefing for determining the future-year needs for administrative surcharges under such program.