"Action" - An administrative proceeding conducted under this
Part.
"Funds" - Any money, commitments to provide money, and
commitments of insurance or reinsurance provided under any or all
programs.
"Hearing Officer" - An impartial person, appointed by the
Executive Director or his or her designee, with no prior involvement with the
facts giving rise to the limitation, suspension or termination action, who
is:
an attorney who has been admitted to practice law in Illinois
for at least five years preceding appointment by the Executive Director and
possesses those additional qualifications as are necessary to obtain
appointment as an arbitrator pursuant to Section 2-1003A of the Mandatory
Arbitration System in Illinois [735
ILCS 5/2-1003A] ; or
a person who is an arbitrator qualified by the American
Arbitration Association; or
any other person who meets the qualifications for the position
of Administrative Law Judge for the Federal Government.
"Institution" - For purposes of this Part, any educational or
lending institution which participates in any ISAC program(s).
"ISAC Official" - Any official of ISAC to whom the Executive
Director has delegated the responsibility of initiating and pursuing an action
under this Part.
"Lender" - Defined by Section 435(d) of the Higher Education
Act of 1965, as amended ( 20 USCA 1085(d)).
"Limitation" - The continuation of an applicant's or an
institution's eligibility for any or all programs subject to compliance with
special conditions or restrictions which have been established by ISAC as
necessary for the institutions initial or continued participation in ISAC
programs.
"School" - An institution eligible to participate in the
programs established by the Higher Education Act of 1965, as amended, including
an institution of higher education (as defined in
34 CFR
600.4) , a proprietary institution of higher
education (as defined in
34 CFR
600.5) , and a postsecondary vocational
institution (as defined in
34 CFR
600.6) .
"Suspension" - The removal of an applicant's or an
institution's eligibility for any or all ISAC programs for a specified period
of time or until the problem that initiated the limitation, suspension or
termination proceeding(s) is resolved.
"Termination" - The unqualified removal of an applicant's or an
institution's eligibility for any or all programs for an indefinite period of
time, but in no event less than 18 months.
