As added by Acts 1977, P.L.252, SEC.9. Whenever the commission or its designee has reason to believe that a lender or a qualified institution fails to meet the eligibility criteria for approved lenders, the commission or its designee shall call the matter to the attention of the lender or qualified institution. The lender or qualified institution is entitled to a reasonable opportunity to respond to the allegation, and if the alleged violation occurred, to show that it is corrected or to submit an acceptable plan detailing measures which will be taken to correct the violation and prevent its recurrence. As added by Acts 1977, P.L.252, SEC.9. The money remaining in the student loan program fund at the end of a state fiscal year does not revert to the state general fund.
Any income earned on amount so invested is part of the fund.
As added by Acts 1977, P.L.252, SEC.9. The property, income, obligations and activities of the program are exempt from all state and local taxation. As added by Acts 1977, P.L.252, SEC.9. This section does not preclude any forbearance for the benefit of the borrower agreed upon by the parties to the guaranteed loan and the commission. The holder of a guaranteed loan shall exercise reasonable care and diligence in the making and collection of loans under this chapter.