New York Codes, Rules and Regulations
Title 8 - EDUCATION DEPARTMENT
Chapter XX - Higher Education Services Corporation
Subchapter A - Administration
Part 2004 - Limitation, Suspension Or Termination Of Approval Of Loan Or Loan Guarantee Applications
Section 2004.2 - Possible sanctions
Universal Citation: 8 NY Comp Codes Rules and Regs ยง 2004.2
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Limitations. A limitation on an institution's or a lender's participation established under this Part may include any of the following:
(1) a limit on the number or total amount of
loans which a lender may make;
(2)
a limit on the number or percentage of students enrolled in an institution who
may receive loans under this Chapter;
(3) a limit on the percentage of an
institution's total receipts for tuition and fees which may be derived from
loans for a stated period of time; or
(4) such other requirements or conditions as
the president, the board or a presiding officer may determine:
(i) are reasonable and appropriate as a
direct means of correcting a violation of applicable laws, regulations or
agreements;
(ii) have a high
probability for successfully correcting such violation or condition;
and
(iii) will promote the purposes
of the programs provided for in this Chapter.
(b) Reimbursements and refunds. As part of any decision in a limitation, suspension or termination, the president or the presiding officer may also require an institution or lender to take such other corrective action as is reasonable and appropriate to remedy a violation of applicable laws, regulations, agreements or limitations. Such corrective action may include payment to the corporation or to recipients designated by the president or the presiding officer, for:
(1)
ineligible interest benefits, special allowances, or other claims paid by the
corporation;
(2) discounts,
premiums or excess interest paid in violation of law or applicable regulations;
or
(3) refunds due to students
under provisions of this Chapter.
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