Any person otherwise qualifying for a loan guaranteed by the board shall not be disqualified by reason of his being under the age of twenty-one, and for the purpose of applying for, receiving, and repaying such a loan, any such person, notwithstanding the provisions of any law to the contrary, shall be deemed to have full legal capacity to act and shall have all the rights, powers, privileges, and obligations of a person of full age with respect thereto.

            Acts 1978, No. 135, §2; Acts 2016, No. 314, §3(A).