12 2 STA T .3 31 6PUBLIC LA W 11 0– 31 5— AU G .1 4, 200 8fed e ral l y de c lared n a tio nal di s asters , and ot h er local - i z ed disasters and e m er g encies identified b y the S ec- retary .‘ ‘ (7)ADVISORYB O A RD C O MPEN SA T ION. — Any em p loyee w ho is employed in the financial aid office of the instit u tion, or who otherwise has responsibilities with respect to education loans or other student financial aid of the institution, and who ser v es on an advisory board, commission, or group estab- lished by a lender, guarantor, or group of lenders or guarantors, shall be prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, e x cept that the employee may be reimbursed for reasonable expenses incurred in serving on such advisory board, commission, or group. ‘‘(f) I NSTIT U TIONA LR E Q UIREMENTS F OR T EAC H - O UTS.— ‘‘( 1 )IN G ENERAL.—In the event the Secretary initiates the limitation, suspension, or termination of the participation of an institution of higher education in any program under this title under the authority of subsection (c)(1)( F ) or initiates an emergency action under the authority of subsection (c)(1)( G ) and its prescribed regulations, the Secretary shall re q uire that institution to prepare a teach-out plan for submission to the institution ’ s accrediting agency or association in compliance with section 496 (c)(4), the Secretary’s regulations on teach- out plans, and the standards of the institution’s accrediting agency or association. ‘‘( 2 ) TEACH-OUT PLAN DEFINED.—In this subsection, the term ‘teach-out plan’ means a written plan that provides for the equitable treatment of students if an institution of higher education ceases to operate before all students have completed their program of study, and may include, if required by the institution’s accrediting agency or association, an agreement between institutions for such a teach-out plan. ‘‘(g) INSPECTOR GENERAL REPORT ON GIFT B AN V IOLATIONS.— The Inspector General of the D epartment shall— ‘‘(1) submit an annual report to the authorizing committees identifying all violations of an institution’s code of conduct that the Inspector General has substantiated during the pre- ceding year relating to the gift ban provisions described in subsection (f)(2)
and ‘‘(2) ma k e the report available to the public through the Department’s website. ‘‘(h) P REFERRED L ENDER LIST REQUIREMENTS.— ‘‘(1) IN GENERAL.—In compiling, maintaining, and making available a preferred lender list as required under subsection (a)(27), the institution will— ‘‘(A) clearly and fully disclose on such preferred lender list— ‘‘(i) not less than the information required to be disclosed under section 1 53 (a)(2)(A); ‘‘(ii) why the institution has entered into a pre- ferred lender arrangement with each lender on the preferred lender list, particularly with respect to terms and conditions or provisions favorable to the borrower; and Public i nformat ion .We b s ite. Plans.
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