A public institution of higher education that is negatively affected by adverse action taken against the institution by an accrediting agency in violation of section 261K.2 may bring a civil action against the accrediting agency in this state if authorized by the attorney general. The attorney general may bring the action on behalf of the institution. The institution or attorney general may obtain injunctive relief and liquidated damages in the amount of the federal financial aid received by the institution in the academic year preceding the violation, as well as court costs and reasonable attorney fees.
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