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09500HB2186ham001 |
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LRB095 01257 NHT 35564 a |
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| from receiving anything of value from a lender in exchange |
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| for any advantage sought by the lender. |
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| (2) An institution of higher learning and a lender are |
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| prohibited from entering into any revenue-sharing |
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| arrangements. |
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| (3) A lender is prohibited from paying to get on an |
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| institution of higher learning's preferred lender list. |
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| (4) Employees and members of the governing entity of an |
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| institution of higher learning, as well as the family |
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| members of these persons, are prohibited from taking |
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| anything of more than nominal value from a lender, |
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| including without limitation trips for financial aid |
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| officers and other officials of the institution of higher |
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| learning that are paid for by the lender. |
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| (5) Employees and members of the governing entity of an |
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| institution of higher learning, as well as the family |
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| members of these persons, are prohibited from receiving |
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| anything of value for serving in any governing, management, |
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| or advisory capacity for a lender, including without |
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| limitation serving on the lender's board of directors. |
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| Section 15. Preferred lender list. |
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| (a) In order to ensure that preferred lenders are those |
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| that an institution of higher learning has determined should be |
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| preferred by students as opposed to preferred by the |
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| institution of higher learning, a preferred lender list of an |
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09500HB2186ham001 |
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LRB095 01257 NHT 35564 a |
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| institution of higher learning must be based solely on the best |
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| interests of the students or parents who may use the list, |
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| without regard to the financial interests of the institution of |
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| higher learning. |
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| (b) On all preferred lender lists, the institution of |
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| higher learning must clearly and fully disclose the criteria |
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| and process used to select preferred lenders. Students must |
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| also be informed that they have the right and ability to select |
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| the lender of their choice regardless of the preferred lender |
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| list. |
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| (c) No lender may appear on a preferred lender list if the |
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| lender has an agreement to sell its loans to another lender |
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| without disclosing this fact to the institution of higher |
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| learning. In addition, no lender may bargain to be a preferred |
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| lender with respect to a certain type of loan by providing |
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| benefits to an institution of higher learning as to another |
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| type of loan. |
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| Section 20. Employees of lender. An institution of higher |
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| learning must ensure that employees of lenders never identify |
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| themselves to students as employees of the institution of |
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| higher learning. No employee of a lender may work in or provide |
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| staffing assistance to the financial aid office of an |
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| institution of higher learning. |
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| Section 80. Violation of Act. The Board of Higher Education |