(a) An institution of higher education shall provide the data required under this subchapter at the time and in the manner:
(1) Required by rules of the Arkansas Higher Education Coordinating Board; and
(2) Published from time to time by the Division of Higher Education.
(b) Within two (2) weeks of an institution of higher education's failure to comply with the requirements for submission of data published by the division, the division shall report to the Legislative Council:
(1) The name of an institution of higher education that has not complied with the deadline;
(2) The type of data the institution of higher education failed to submit;
(3) The length of time of noncompliance; and
(4) Any additional information requested by the Legislative Council.