[§305H-14] Review standards. In consultation with institutions of higher education in the State and in a manner consistent with the laws and constitution of the State, the commission is authorized to establish appropriate review standards for the determination of the eligibility of institutions in the State to receive Title IV student financial assistance funds. The commission shall conduct or coordinate the review of institutions of higher education in the State in accordance with these review standards and may notify the federal government of the findings. [L 1994, c 189, pt of §1]