West Virginia Code 18-22D-8 – Certification and monitoring of compliance; reports
(a) A certification of compliance with any applicable provisions of this article, in such form and manner as shall be prescribed by the state Board of Investments in cooperation with the board, shall be required of the eligible lending institution.
Terms Used In West Virginia Code 18-22D-8
- board: means a county board of education. See West Virginia Code 18-1-1
- Eligible student: means any individual who:
(1) Is a citizen or eligible noncitizen of the United States. See West Virginia Code 18-22D-2
- institution: means a financial institution that is eligible to make commercial loans, is a public depository of state funds and agrees to participate in the West Virginia higher education student assistance loan program. See West Virginia Code 18-22D-2
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Linked deposit: means a certificate of deposit placed by the state Board of Investments with an eligible lending institution at three percent below current market rates, as determined and calculated by the state Board of Investments, provided the institution agrees to lend the value of such deposit, according to the deposit agreement provided for by this article, to eligible students at three percent below the present borrowing rate applicable to each such student at the time of the deposit of state funds in the institution. See West Virginia Code 18-22D-2
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
The senior administrator jointly employed by the West Virginia board of trustees and the board of directors of the state college system, in cooperation with the state Board of Investments, shall monitor compliance by the eligible student with the applicable provisions of this article and may take whatever action may be deemed necessary in furthering the intent of the student loan program.
(b) By January 1, April, July and October of each year, the Board of Investments shall report on the linked deposit program for the preceding calendar quarter to the Governor, the Joint Committee on Government and Finance, and the board. The reports shall set forth the linked deposits made by the state Board of Investments under the program during the quarter and shall include information regarding the nature, terms and amounts of the loans upon which the linked deposits were based and the eligible students to which the loans were made.