Tex. Educ. Code Section 132.158
Prohibition Against Certain Activities by Financial Aid Employees

(a)

In this section:

(1)

“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, including a career school or college.

(2)

“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 a career school or college in the financial aid office of the school or college 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 career school or college may not knowingly employ a person who violates Subsection (b). If a career school or college discovers that its employee is in violation of Subsection (b), the school or college shall promptly take appropriate action to cure the violation, including appropriate disciplinary action, based on the severity of the violation and whether the violation was inadvertent.
Added by Acts 2009, 81st Leg., R.S., Ch. 1344 (S.B. 194), Sec. 2, eff. June 19, 2009.

Source: Section 132.158 — Prohibition Against Certain Activities by Financial Aid Employees, https://statutes.­capitol.­texas.­gov/Docs/ED/htm/ED.­132.­htm#132.­158 (accessed Apr. 20, 2024).

132.001
Definitions 132.002
Exemptions 132.003
Course Exemption: Development of Career Skills 132.004
Exclusive Offering of Exempted Courses or Programs by Business Enterprise 132.005
Applicability 132.006
Commercial Driver’s License Training Program 132.0015
Reference to Proprietary School 132.021
Texas Workforce Commission 132.022
Duties of Commission 132.023
Memorandum of Understanding for Regulation of Career Schools and Colleges 132.024
Student Information 132.025
Required Posting 132.026
Measures to Facilitate Award of Course Credit for Military Service 132.051
Certificate of Approval 132.052
Application for Certificate of Approval 132.053
Statutory Waiver Authority 132.054
Small School or College Exemption 132.055
Criteria 132.056
Issuance of Certificate of Approval 132.057
Denial of Certificate of Approval 132.058
Revocation of Certificate of Approval 132.059
Registration of Representatives 132.061
Refund Policy 132.062
Withholding Records 132.063
Approved Degrees 132.064
Nonqualification as Small Career School and College 132.065
Schools Not Required to Take Attendance 132.101
Hearing 132.102
Judicial Appeal 132.103
Appeal Following Revocation of Certificate of Approval 132.121
Class Action 132.122
Notice 132.123
Judgment and Costs 132.151
Prohibitions 132.152
Administrative Penalty 132.153
Competitive Bidding 132.154
Injunctions 132.155
Civil Penalty 132.156
Sanctions 132.157
Penalty for Small Proprietary School 132.158
Prohibition Against Certain Activities by Financial Aid Employees 132.201
Certificate and Registration Fees 132.202
Required Posting by Certain Schools or Educational Institutions Not Operating in This State 132.221
Funding 132.0225
Division of Education 132.242
Closed School or College 132.301
Hearing 132.302
Hearing 132.303
Cease and Desist Order 132.304
Enforcement 132.305
Effect of Prior Proceedings 132.306
Rules 132.0551
Qualifications, Training, and Continuing Education Required 132.0611
Refund Policy for Students Called to Active Military Service 132.2415
Tuition Trust Account
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

§ 132.158’s source at texas​.gov