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15-5-1902. Creation of the Student Loan Authority Division — Assumption of obligations of Arkansas Student Loan Authority.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1902. Creation of the Student Loan Authority Division — Assumption of obligations of Arkansas Student Loan Authority.
(a)(1) There is established the Student Loan Authority Division of the Arkansas Development Finance Authority.
(2) The division shall be the instrumentality of the state charged with a portion of the responsibility of the state to provide educational opportunities in keeping with all applicable state and federal laws.
(b) The Arkansas Development Finance Authority shall employ professional and clerical assistance, including loan servicing and legal assistance, as it shall deem necessary or appropriate to properly carry out the responsibilities of the division.
(c) The Arkansas Development Finance Authority may adopt such rules to be followed by the division in conducting business as necessary to carry out the purposes of this subchapter, including rules governing:
(1) Compliance statutes or regulations governing the guaranty, insurance, purchase, or other dealing in guaranteed educational loans or education loans by corporations or federal agencies; and
(2) Standards of eligibility for educational institutions, students, and lenders.
(d) As the successor to the Arkansas Student Loan Authority, the division assumes all obligations under all contracts and debt obligations of the Arkansas Student Loan Authority that are effective or outstanding as of July 1, 2017.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1902
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-5-1902
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: db42143fa65d7c6dbdca0026cc4d41356ca428167026bfb78cdeb3d1f2254874
Source location: content.xml paragraph 9852
Stored source content
15-5-1902. Creation of the Student Loan Authority Division — Assumption of obligations of Arkansas Student Loan Authority.
(a)(1) There is established the Student Loan Authority Division of the Arkansas Development Finance Authority.
(2) The division shall be the instrumentality of the state charged with a portion of the responsibility of the state to provide educational opportunities in keeping with all applicable state and federal laws.
(b) The Arkansas Development Finance Authority shall employ professional and clerical assistance, including loan servicing and legal assistance, as it shall deem necessary or appropriate to properly carry out the responsibilities of the division.
(c) The Arkansas Development Finance Authority may adopt such rules to be followed by the division in conducting business as necessary to carry out the purposes of this subchapter, including rules governing:
(1) Compliance statutes or regulations governing the guaranty, insurance, purchase, or other dealing in guaranteed educational loans or education loans by corporations or federal agencies; and
(2) Standards of eligibility for educational institutions, students, and lenders.
(d) As the successor to the Arkansas Student Loan Authority, the division assumes all obligations under all contracts and debt obligations of the Arkansas Student Loan Authority that are effective or outstanding as of July 1, 2017.
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