(a) Any student may file a written complaint with the Division of Higher Education on the forms prescribed and furnished by the division for that purpose if the student has reason to believe he or she is suffering loss or damage resulting from:
(1) The failure of a school to perform agreements made with the student; or
(2) An admissions representative's misrepresentations in enrolling the student.
(b)
(1) All complaints shall be investigated, and attempts shall be made to resolve them informally.
(2) If an informal resolution cannot be achieved, the aggrieved party may request a formal hearing to be held before the Private Career Education Arbitration Panel.
(c) The aggrieved party may not pursue arbitration before the panel if legal action has been filed.
(d) The request for arbitration must be in writing and filed with the director within one (1) year of completion of, or withdrawal from, the school.
(e) The written request for arbitration must name the parties involved and specific facts giving rise to the dispute.
(f) The ruling of the panel shall be binding upon the parties.