Upon determination, after reasonable notice and opportunity for a hearing, that an institution of higher education has violated or failed to carry out any provision of this chapter or any rule adopted under this chapter, the director may impose a civil penalty upon such institution for each violation not to exceed $150,000, which shall be adjusted for inflation annually, or one percent of an institution’s annual operating budget, whichever is lower. The director shall use any such civil penalty funds to provide oversight of this chapter.