A. The Council may, by regulation, authorize its Executive Director to take immediate action on its behalf in any instance in which a postsecondary school holding certification to operate in the Commonwealth is the subject of an adverse action by the U.S. Department of Education or the postsecondary school's accrediting agency. When such adverse action threatens a disruption of the operation of the postsecondary school and exposes students to a loss of course or degree credit or financial loss, the Executive Director may:
1. Suspend new enrollment in specified programs or degree levels or all programs and degree levels that have been approved by the Council;
2. Require the postsecondary school to provide a guaranty instrument in the amount necessary to cover the refund of unearned tuition to all students enrolled at the time of the action; or
3. Take such other actions as may be necessary to protect the rights of currently enrolled or future students.
B. At its next regularly scheduled meeting, the Council shall either ratify the Executive Director's action or take such other actions as it deems necessary.