§ 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.