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 2004.4 - Informal compliance procedure

Universal Citation: 8 NY Comp Codes Rules and Regs ยง 2004.4
Current through Register Vol. 46, No. 39, September 25, 2024

If the president receives a complaint, or has other information which he believes to be reliable, indicating that a violation of applicable laws, regulations, agreements or limitations has occurred or is occurring, the president may informally call such matter to the attention of the institution or lender involved and give such institution or lender a reasonable opportunity to respond to the allegation and, if the alleged violation occurred, to show that it has been corrected or to submit an acceptable plan as to those measures which will be undertaken to correct the violation and to prevent its recurrence. Undertaking informal compliance procedures under this section shall not prevent the president from instituting limitation, suspension or termination proceedings or from imposing such sanctions, based upon the same allegations or violations.

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