; or (B) the omission of any material facts necessary in order to make any statements made, in light of the circumstances under which they were made, not false, deceptive, unfair, erroneous, or misleading. (2) Officer of an institution of higher education The term officer of an institution of higher education including at any nonprofit, for-profit, or public institution of higher education, includes the president, chief executive officer, and chief financial officer of an institution of higher education as well as all officers charged with overseeing a principal business unit, division, or function, such as sales, administration, or finance. (3) Prospective student The term prospective student means any individual who has contacted an institution of higher education for the purpose of requesting information about enrolling at the institution of higher education or who has been contacted directly or indirectly by the institution of higher education or a third party contractor through advertising about enrolling at the institution. (4) State approval agency The term State approval agency means any State agency that determines whether an institution of higher education is legally authorized within such State to provide a program of education beyond secondary education. (5) Substantial misrepresentation The term substantial misrepresentation means any misrepresentation on which the person to whom it was made could reasonably be expected to rely, or has reasonably relied, to that person’s detriment. (b) Limitation, suspension, or termination of eligibility status (1) In general Upon determination, after reasonable notice and opportunity for a hearing, that an eligible institution, a third party servicer that contracts with such institution, or a third party contractor has violated or failed to carry out any provision of this title, any regulation prescribed under this title, or any applicable special arrangement, agreement, or limitation, the Secretary may limit, suspend, or terminate the participation of that