1. A covered institution shall do the following:
a. Develop, in consultation with the college student aid commission, a code of conduct governing educational loan activities with which the covered institution’s officers, employees, and agents shall comply.
b. Publish the code of conduct developed in accordance with paragraph “a” prominently on its internet site.
c. Administer and enforce the code of conduct developed in accordance with paragraph “a”.
2. The college student aid commission shall provide to covered institutions assistance and guidance relating to the development, administration, and monitoring of a code of conduct governing educational loan activities.
3. Except as provided in this section, the college student aid commission is not subject to the duties, restrictions, prohibitions, and penalties of this chapter.