Iowa Code 261.36 – Powers
Current as of: 2023 | Check for updates
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The commission shall have necessary powers to carry out its purposes and duties under this subchapter, including but not limited to the power to:
1. Sue and be sued in its own name.
Terms Used In Iowa Code 261.36
- Commission: means the college student aid commission. See Iowa Code 261.87
- Lender: means a person whose name appears on the records of the museum as the person legally entitled to property held or owing by the museum. See Iowa Code 305B.2
- Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- United States: includes all the states. See Iowa Code 4.1
2. Incur and discharge debts including the payment of any defaulted loan obligations which have been guaranteed by the commission.
3. Make and execute agreements, contracts, and other instruments with any public or private person or agency including the United States secretary of education.
4. Guarantee loans made by eligible lenders to eligible borrowers who are, or whose children are, enrolled or will be enrolled at eligible institutions as at least half-time students as defined by the commission.
5. Approve educational institutions as eligible institutions upon their meeting the requirements established by the commission.
6. Approve financial or credit institutions, insurance companies, or other lenders as eligible lenders upon their meeting the standards established by the commission for making guaranteed loans.
7. Accept appropriations, gifts, grants, loans, or other aid from public or private persons or agencies including the United States secretary of education.
8. Implement various means of encouraging maximum lender participation in the Iowa guaranteed loan program.