Source: https://www.revisor.mn.gov/statutes/2012/cite/136A.16
Timestamp: 2020-02-26 20:10:58
Document Index: 739942525

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 3', 'art 3', 'art 3', 'art 3', 'art 3', 'art 2', 'art 3', 'art 3', 'art 2', 'art 2', 'art 2']

﻿ Sec. 136A.16 MN Statutes
Section 136A.16
136A.155 136A.161
2019 Subd. 1 Amended 2019 c 64 art 2 s 11
2019 Subd. 2 Amended 2019 c 64 art 2 s 12
2019 Subd. 5 Amended 2019 c 64 art 2 s 13
2019 Subd. 8 Amended 2019 c 64 art 2 s 14
2019 Subd. 9 Amended 2019 c 64 art 2 s 15
2014 Subd. 1 Amended 2014 c 149 s 24
2014 Subd. 3 Repealed 2014 c 149 s 75
2014 Subd. 4 Repealed 2014 c 149 s 75
2014 Subd. 5 Amended 2014 c 149 s 25
2014 Subd. 7 Repealed 2014 c 149 s 75
2014 Subd. 10 Repealed 2014 c 149 s 75
2010 Subd. 14 Amended 2010 c 364 s 14
2007 Subd. 8 Amended 2007 c 144 art 2 s 27
2007 Subd. 16 New 2007 c 144 art 2 s 28
1998 Subd. 1 Amended 1998 c 386 art 2 s 43
1997 Subd. 8 Amended 1997 c 183 art 3 s 12
1997 Subd. 13 New 1997 c 183 art 3 s 13
1997 Subd. 14 New 1997 c 183 art 3 s 14
1997 Subd. 15 New 1997 c 183 art 3 s 15
1995 Subd. 1 Amended 1995 c 212 art 3 s 34
1995 Subd. 11 Repealed 1995 c 212 art 2 s 22
136A.16 POWERS AND DUTIES OF OFFICE.
The office shall adopt policies and prescribe appropriate rules to carry out the purposes of sections 136A.15 to 136A.1702. The policies and rules except as they relate to loans under section 136A.1701 must be compatible with the provisions of the National Vocational Student Loan Insurance Act of 1965 and the provisions of title IV of the Higher Education Act of 1965, and any amendments thereof.
Subd. 3.Loan amounts.
The office may make loans in amounts not to exceed the maximum amount provided in the Higher Education Act of 1965 and any amendments thereof except that the limitation shall not apply to loans under section 136A.1701. The office may establish procedures determining the loan amounts for which students are eligible.
Subd. 4.Lenders.
The office may contract with or enter into agreements with eligible lenders for the purpose of making loans to eligible students in accordance with the policies and rules of the office.
Subd. 5.Agencies.
The office may contract with guarantee agencies, insurance agencies, collection agencies, or any other person, to carry out the purposes of sections 136A.15 to 136A.1702.
The office shall be empowered to charge for insurance on each loan a premium, payable each year in advance. The premiums shall not be in an amount in excess of the premium in the federal regulations which govern the vocational and higher education loan program except that the limitation shall not apply to loans under section 136A.1701. Premium fees shall be available to the office without fiscal year limitation for the purposes of making loans and meeting expenses of administering the loan programs.
Subd. 7.Funds.
The office may apply for, receive, accept, and disburse federal funds, as well as funds from other public and private sources, made available to the state for loans or as administrative moneys to operate student loan programs. In making application for funds, it may comply with all requirements of state and federal law and rules and regulations, and enter into the contracts necessary to enable it to receive, accept, and administer such funds.
Money made available to the office that is not immediately needed for the purposes of sections 136A.15 to 136A.1702 may be invested by the office. The money must be invested in bonds, certificates of indebtedness, and other fixed income securities, except preferred stocks, which are legal investments for the permanent school fund. The money may also be invested in prime quality commercial paper that is eligible for investment in the state employees retirement fund. All interest and profits from such investments inure to the benefit of the office or may be pledged for security of bonds issued by the office or its predecessors.
Subd. 9.Staff.
The office may employ the professional and clerical staff the director deems necessary for the proper administration of the loan programs established and defined by sections 136A.15 to 136A.1702.
Subject to its directives and review, the office may delegate to the director the responsibility for issuance of public information concerning provisions of sections 136A.15 to 136A.1702, for design of loan application forms, and for prescribing procedures for submission of applications for loans.
Subd. 12.Records.
The office shall establish and maintain appropriate accounting and related records.
Subd. 13.Subject to suit.
The office may sue and be sued.
Subd. 14.Notes.
The office may sell at public or private sale, at the price or prices determined by the office, any note or other instrument or obligation evidencing or securing a loan made by the office or its predecessor, including the Minnesota Higher Education Coordinating Board and the Minnesota Higher Education Services Office.
Subd. 15.Letters of credit; surety.
The office may obtain municipal bond insurance, letters of credit, surety obligations, or similar agreements from financial institutions.
Subd. 16.Interest rate swaps and other agreements.
1967 c 615 s 1; 1967 c 894 s 3; 1969 c 6 s 23; 1973 c 605 s 5,6; 1975 c 271 s 6; 1977 c 384 s 4-7; 1981 c 300 s 3-5; 1983 c 258 s 47; 1985 c 248 s 70; 1989 c 293 s 36-41; 1995 c 212 art 3 s 34,59; 1997 c 183 art 3 s 12-15; 1998 c 386 art 2 s 43; 2005 c 107 art 2 s 60; 2007 c 144 art 2 s 27,28; 2010 c 364 s 14