(a)
(1) An approved institution of higher education that enrolls students receiving scholarships under this subchapter annually shall provide information and semiannually provide updated information to the Division of Higher Education regarding all state-supported student financial assistance whether or not the state-supported student financial assistance is awarded under this subchapter.
(2) The information shall be provided in the form of individual student records and shall include without limitation information regarding:
(A) State-supported student financial assistance;
(B) Demographic student data; and
(C) Disaggregated data on remedial courses.
(3)
(A) An approved institution of higher education shall undertake the procedures necessary to ensure the collection and reporting of student information under this section.
(B) An approved institution of higher education may lose its approved status for receiving scholarship funds on behalf of a recipient under this subchapter if it fails to make a good-faith effort to comply with this section.
(C) In addition to the provisions of subdivision (a)(3)(B) of this section, an institution of higher education that does not comply with this section shall not be eligible to accept state aid from the Higher Education Grants Fund Account on behalf of a student.
(b) The division shall establish by rule the:
(1) Specific data required;
(2) Manner of reporting the information required; and
(3) Technology or software required for reporting.
(c) The division shall use the information provided under this section to conduct the research and analysis needed to support the annual report of the Director of the Division of Higher Education to the Legislative Council under § 6-85-205.