2010 New York Code
EDN - Education
Title 1 - GENERAL PROVISIONS
Article 13-B - (620 - 632) STUDENT LENDING ACCOUNTABILITY, TRANSPARENCY AND ENFORCEMENT ACT
624 - Covered institution employee prohibitions and reporting requirements.

§   624.  Covered  institution  employee  prohibitions  and  reporting
  requirements. 1. A lending institution shall  require  that  no  covered
  institution  employee  receives any remuneration for serving as a member
  or participant of an advisory board of a lending institution or receives
  any reimbursement of expenses for so serving.
    2. A covered institution shall require  that  no  covered  institution
  employee  of  such  covered  institution  receives  any remuneration for
  serving as a member or participant of an advisory  board  of  a  lending
  institution or receives any reimbursement of expenses for so serving.
    3. Nothing in this section shall be construed as prohibiting:
    a. a covered institution employee's participation on an advisory board
  of  a  lending institution that is unrelated in any manner whatsoever to
  educational loans; or
    b. a covered institution employee, who does not have a direct interest
  in or does not benefit from the functions of the  covered  institution's
  financial aid office, from serving on a board of directors of a publicly
  traded or privately held company.
    4.  Covered  institution  employees  who are directly involved with or
  benefit from the functions of the covered  institution's  financial  aid
  office  shall  be  required  to  report to the department, in a form and
  manner prescribed by the  department,  all  participation  or  financial
  interests related to any lending institution.