(a)
(1) Any student scholarship organization that fails to comply with any requirements under this chapter shall be given written notice by the Department of Revenue of such failure to comply by certified mail and shall have 90 days from the receipt of such notice to correct all deficiencies.
(2) Upon failure to correct all deficiencies within 90 days, such student scholarship organization shall:
(A) Be immediately removed from the Department of Education list provided for in Code Section 20-2A-6;
(B) Be required to cease all operations as a student scholarship organization and transfer all scholarship account funds to a properly operating student scholarship organization within 30 calendar days of receipt of notice from the Department of Revenue of removal from the approved list; and
(C) Have all applications for preapproval of tax credits under Code Section 48-7-29.16 rejected by the Department of Revenue on or after the date the Department of Education removes the student scholarship organization from its list provided for in Code Section 20-2A-6.
(b) Any student scholarship organization that:
(1) Awards or restricts the award of a scholarship to a specific eligible student at the request of a donor; or
(2) Encourages or facilitates taxpayers to engage in actions that are prohibited by law
shall be subject to paragraph (2) of subsection (a) of this Code section.
(c) Any officer or director of a student scholarship organization found to have actively participated in a student scholarship organization's intentional violation of its obligations under this chapter shall be guilty of a misdemeanor.
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