N.Y. Education Law § 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.