shall provide the member institution with a notice of allegations not later than 8 months after the notice of inquiry is received under paragraph (1), which shall include the following: (A) Details about each allegation. (B) The potential penalties for each allegation. (C) The information and factors the covered athletic association considered in its determination to file charges. (D) The rights and resources available to the member institution and involved individuals. (4) Not earlier than 60 days after the notice of allegations is received, there shall be a hearing before the covered athletic association’s infractions committee or body with authorization to hear cases and prescribe punishments to member institutions which shall conform to the following requirements: (A) The hearing shall commence not later than 1 year after the notice is provided under paragraph (1). (B) No information from confidential sources may be offered into evidence or form the basis for any decision. (5) In the event that there is any dispute regarding the covered athletic association’s punishment of a member institution, the member institution may compel entry into arbitration conducted in accordance with the standard commercial arbitration rules of an established major national provider of arbitration and mediation services based in the United States, which will provide an independent review and binding decision. The arbitration shall be conducted by a three-person panel. The covered athletic association and member institution shall each appoint one arbitrator of their respective choosing. The third arbitrator shall be appointed in agreement by the two arbitrators appointed by each party. (6) The covered athletic association shall conduct its enforcement proceedings and investigations in a fair and consistent manner, and the penalties issued against member institutions for bylaw infractions shall be equitable with respect to severity of the infraction and the member institution’s history of infractions. (7) The covered athletic