Indiana Code 21-16-5-1. Secondary market for guaranteed student loans; establishment of corporation
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Sec. 1. The governor may request, on behalf of the state, the establishment of a private nonprofit corporation, with a bipartisan board of directors that meets the requirements of section 1.5 of this chapter, to serve as a secondary market for education loans. If a private nonprofit corporation is established, the governor may designate the corporation to:
(2) act as an eligible lender under a federal program.
(1) serve as the secondary market for education loans; and
Terms Used In Indiana Code 21-16-5-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The corporation must satisfy the conditions imposed by sections 3 through 10 of this chapter, and its articles of incorporation must provide that upon the corporation’s liquidation, any surplus funds must be paid to the state.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-2(a).]
As added by P.L.2-2007, SEC.257. Amended by P.L.224-2023, SEC.6.