(a) In this section:
(1) "Institution of higher education" has the meaning assigned by Section 61.003.
(2) "Student loan" means a loan for which the loan agreement requires that all or part of the loan proceeds be used to assist a person in attending an institution of higher education or other postsecondary institution.
(3) "Student loan lender" means a person whose primary business is:
(A) making, brokering, arranging, or accepting applications for student loans; or
(B) a combination of activities described by Paragraph (A).
(b) A person employed by an institution of higher education in the financial aid office of the institution may not:
(1) own stock or hold another ownership interest in a student loan lender, other than through ownership of shares in a publicly traded mutual fund or similar investment vehicle in which the person does not exercise any discretion regarding the investment of the assets of the fund or other investment vehicle; or
(2) solicit or accept any gift from a student loan lender.
(c) A person who violates this section is subject to dismissal or other appropriate disciplinary action.