Rhode Island General Laws 45-38.1-25. Institution for higher education powers
Notwithstanding any other provision of law, any participating institution for higher education has the power to borrow money from the corporation, make education loans, and take all other actions and do those things that are necessary or convenient to consummate the transactions contemplated under this chapter. It is lawful for the corporation to establish, charge, contract for, and receive any amount or rate of interest or compensation with respect to corporation loans or education loans, and it shall also be lawful, notwithstanding any other provision of law, to make corporation loans or education loans at a rate of interest which may, during the life of the loans, be varied or revised upon terms or conditions that may be established by the corporation. It is also lawful for any institution of higher education to charge, contract for, and receive any amount or rate of interest or compensation, including amounts or rates of interest which may be varied or revised upon those terms or conditions that may be established by the institution, with respect to education loans.
History of Section.
P.L. 1982, ch. 301, § 8; P.L. 1991, ch. 292, § 1.
Terms Used In Rhode Island General Laws 45-38.1-25
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Corporation: means the Rhode Island health and educational building corporation created and established as a nonbusiness corporation, under and pursuant to chapter 6 of Title 7, as amended, and constituted and established as a public body corporate and agency of the state under § 45-38. See Rhode Island General Laws 45-38.1-3
- Corporation loans: means loans by the corporation to an educational institution or child daycare center for the purpose of funding education loans. See Rhode Island General Laws 45-38.1-3