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 2004.3 - Effect on prior participation

An action under this Part resulting in the limitation, suspension or termination of an institution or lender shall not affect any of its responsibilities arising from participation in programs under this Part prior to the date of such action. Nor shall such action impair any benefits or claims to which an institution or lender may be entitled based on its participation prior to such action, except that if such action results in a requirement that such institutions or lenders make payments to the corporation, then such payments may be used as offsets against such benefits or claims.