1. The commission shall set by rule and collect a nonrefundable initial registration fee and a renewal of registration fee from each registered school.

Terms Used In Iowa Code 261B.8

  • Commission: means the college student aid commission created pursuant to section 261. See Iowa Code 261B.2
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Loan: means a deposit of property not accompanied by a transfer of title to the property. See Iowa Code 305B.2
  • Rule: includes "regulation". See Iowa Code 4.1
  • School: means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:
     a. See Iowa Code 261B.2
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. Fees shall be set by rule not more than once each year and shall be based upon the costs of administering this chapter.
 3. A postsecondary registration fund is created in the state treasury under the control of the commission. Fees collected under this section and any other moneys approved by the commission shall be deposited in the postsecondary registration fund. Moneys in the fund are appropriated to the commission and shall be used for any of the purposes set forth in subsection 4. Notwithstanding section 8.33, moneys in the fund shall not revert to the general fund of the state at the end of a fiscal year. Notwithstanding section 12C.7, interest or earnings on moneys in the fund shall be credited to the fund.
 4. Moneys in the fund may be used for any of the following purposes:

 a. To administer this chapter and chapter 261G.
 b. To procure, evaluate, and store school records needed to establish the validity of claims against a school for failure to faithfully perform all contracts and agreements.
 c. To pay institutional charges on behalf of Iowans who enrolled at the school.
 d. To support an arrangement in which the school provides its current students with the opportunity to complete the students’ courses of study when the school closes, including any activities designed to facilitate the transition of such students to another postsecondary educational institution.
 e. To pay private educational loan debt incurred by Iowans for attendance at the school.
 f. To reimburse Iowans who enrolled at the school for other financial loss, as determined by the commission.
 g. For other purposes prescribed by rule by the commission.
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