Sec. 51.9645. PROHIBITION AGAINST CERTAIN ACTIVITIES BY FINANCIAL AID EMPLOYEES. (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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