(110 ILCS 1005/5) (from Ch. 144, par. 125)
    Sec. 5. A certificate of approval of a post-secondary educational institution may be revoked for any of the following:
    1. Violation of any of the conditions governing the issuance of the certificate;
    2. Failure to comply with any of the rules adopted by the Board;
    3. Fraudulent conduct on the part of any person conducting the institution or of any person, acting within the scope of his employment, employed by the owners or persons conducting the institution, on account of which conduct any student enrolled in the institution has been injured or has suffered financial loss.
(Source: P.A. 80-1309.)