The Secretary may request additional information from an institution to determine its classification. The Secretary shall consult with the Consumer Protection Division of the Office of the Attorney General before determining that any reportable incident does not constitute private inurement. If the Secretary finds, based on all the information available to the Secretary, that the requirements of Regulation .04A of this chapter are met by an institution, the Secretary shall classify the institution as a private nonprofit institution of higher education under Education Article, §10-101, Annotated Code of Maryland, and send written notice of the determination to the institution no later than 45 days after submission of the report in Regulation .05 of this chapter. If the Secretary finds that an institution should be classified as a for-profit institution of higher education under Education Article, §10-101, Annotated Code of Maryland, the Secretary shall provide a written statement of findings, including the basis of the findings, to the institution no later than 45 days after submission of the report in Regulation .05 of this chapter.