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Senate Bill 194 |
Senate Author: Shapleigh |
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Effective: 6-19-09 |
House Sponsor: Howard, Donna |
Senate Bill 194 amends the Education Code to prohibit a person employed in an institution of higher education's financial aid office from owning stock or holding another ownership interest in a student loan lender, other than through ownership of shares in a publicly traded investment vehicle in which the person does not exercise any discretion regarding the investment of the assets. The person is prohibited from soliciting or accepting any gift from a student loan lender. A person who engages in these prohibited activities is subject to dismissal or other disciplinary action.
The bill makes a person employed by a career school or college in the financial aid office of the school or college subject to the same prohibitions. The bill requires a career school or college, if it discovers that its employee is in violation of such a prohibition, to promptly take action to cure the violation based on the severity of the violation and whether the violation was inadvertent. A career school or college may not knowingly employ a person who engages in the prohibited activities described above.