N.Y. Comp. Codes R. & Regs. tit. 8 § 2006.2

Current through Register Vol. 46, No. 25, June 18, 2024

Section 2006.2 - Possible sanctions

(a) Limitations. A limitation on an eligible institution's participation in the awards program may include any of the following:

(1) The termination of any prepayment arrangement made with the institution pursuant to section 665 of the Education Law.

(2) The requirement that the institution furnish a bond or an undertaking as a condition of continued eligibility for the awards program, the amount and terms of such to be determined by the president.

(3) The requirement that the institution refund overpaid amounts to the corporation, or begin a repayment plan for such amounts, or establish an escrow account with the corporation, the terms and amounts of such plan or account to be determined by the president.

(4) The requirement that payments or prepayments of awards be made in installments, in trust, or under such other terms and conditions as the president may deem necessary to assure such payments or prepayments shall be expended consistent with statutory and regulatory requirements or shall be available for application to the payment of refunds due.

(5) The requirement that the institution comply with cease and desist orders or mandatory administrative directions issued by the corporation.

(6) Such other requirements or conditions as the president or a presiding officer may determine:

(i) are reasonable and appropriate as a direct means of correcting a violation of applicable laws, regulations or agreements; and

(ii) will promote the purposes of the programs provided for in this Chapter.

(b) Scope and duration of limitations. A limitation may extend to all aspects of an institution's participation in programs under this Subchapter or may be limited to portions thereof. The duration of a limitation may be set to extend for a definite period of time or until the president has determined that the basis for the limitation has been removed and that a repetition of such a violation appears unlikely.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 2006.2