§ 624 — Covered institution employee prohibitions and reporting requirements

§ 624. Covered institution employee prohibitions and reporting\nrequirements. 1. A lending institution shall require that no covered\ninstitution employee receives any remuneration for serving as a member\nor participant of an advisory board of a lending institution or receives\nany reimbursement of expenses for so serving.\n 2. A covered institution shall require that no covered institution\nemployee of such covered institution receives any remuneration for\nserving as a member or participant of an advisory board of a lending\ninstitution or receives any reimbursement of expenses for so serving.\n 3. Nothing in this section shall be construed as prohibiting:\n a. a covered institution employee's participation on an advisory board\nof a lending institution that is unrelated in any manner whatsoever to\neducational loans; or\n b. a covered institution employee, who does not have a direct interest\nin or does not benefit from the functions of the covered institution's\nfinancial aid office, from serving on a board of directors of a publicly\ntraded or privately held company.\n 4. Covered institution employees who are directly involved with or\nbenefit from the functions of the covered institution's financial aid\noffice shall be required to report to the department, in a form and\nmanner prescribed by the department, all participation or financial\ninterests related to any lending institution.\n