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Texas Education Code - EDUC § 51.9645. Prohibition Against Certain Activities by Financial Aid Employees

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) In this section:

(1) “Institution of higher education” has the meaning assigned by Section 61.003.

(2) “Student loan” means a loan for which the loan agreement requires that all or part of the loan proceeds be used to assist a person in attending an institution of higher education or other postsecondary institution.

(3) “Student loan lender” means a person whose primary business is:

(A) making, brokering, arranging, or accepting applications for student loans;  or

(B) a combination of activities described by Paragraph (A).

(b) A person employed by an institution of higher education in the financial aid office of the institution may not:

(1) own stock or hold another ownership interest in a student loan lender, other than through ownership of shares in a publicly traded mutual fund or similar investment vehicle in which the person does not exercise any discretion regarding the investment of the assets of the fund or other investment vehicle;  or

(2) solicit or accept any gift from a student loan lender.

(c) A person who violates this section is subject to dismissal or other appropriate disciplinary action.

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Cite this article: FindLaw.com - Texas Education Code - EDUC § 51.9645. Prohibition Against Certain Activities by Financial Aid Employees - last updated January 01, 2024 | https://codes.findlaw.com/tx/education-code/educ-sect-51-9645/

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