R 390.1489 Request for removal of limitation.

Rule 89. (1) A lender or a participating school may request removal of a limitation imposed under these rules not less than 12 months after the effective date of the limitation. (2) The request shall be in writing and shall show that the lender or the participating school has corrected any violations on which the limitation was based. (3) Within 60 days after receiving the request the executive director shall take 1 of the following actions: (a) Grant the request. (b) Deny the request. (c) Grant the request subject to other limitations. (4) If the executive director denies the request or establishes other limitations, the executive director shall give the lender or the participating school, upon request, an opportunity to show why all limitations should be removed. (5) A lender or a participating school shall be eligible to continue to participate in the educational loan programs, subject to any limitation imposed by the executive director under subrule (3)(c) of this rule, pending a decision by the executive director on a request made pursuant to the provisions of subrule (4) of this rule.