reglab/housing_qa huggingface dataset:
NM Stat § 21-21-22 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-22 - Reimbursement of the fiscal agent.

The fiscal agent shall be reimbursed by the board [commission [department]] for the expenses connected with his duties under the terms of an agreement negotiated annually by the board [commission [department]] with the approval of the state board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to the board for the cost of administering the student loan guarantee program shall be made from the severance tax income fund. Any part of this appropriation not needed for the reimbursement of the fiscal agent shall revert to the severance tax income fund at the end of each fiscal year. History: 1978 Comp., § 21-21-22, enacted by Laws 1978, ch. 110, § 9. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
NM Stat § 21-21-23 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-23 - Certification of the board of educational finance.

Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978], the board shall certify to the state treasurer the demonstrated need for disbursement from the severance tax permanent fund. The state treasurer shall then disburse the needed funds to the fiscal agent. History: 1978 Comp., § 21-21-23, enacted by Laws 1978, ch. 110, § 10.
NM Stat § 21-21-24 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-24 - Reports.

The board [commission [department]] shall make annual reports to the governor and to the legislature, prior to each regular session, of its activities, together with the amount of claims that the fiscal agent has submitted to the board in connection with loan guarantees, and a list of the participating institutions, together with the loan default rates of the respective participating institutions. History: 1978 Comp., § 21-21-24, enacted by Laws 1978, ch. 110, § 11. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
NM Stat § 21-21-25 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-25 - Collection of student loans; contracts authorized.

The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made pursuant to the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] or the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]. No contract shall be entered into pursuant to this section unless proposals have been sought from two or more qualified firms. History: 1978 Comp., § 21-21-25, enacted by Laws 1978, ch. 110, § 12. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
NM Stat § 21-21-26 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-26 - Relationship to Student Loan Act.

No student loans shall be made under the provisions of the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] subsequent to the effective date of the Student Loan Guarantee Act. It is the intent of the legislature that the Student Loan Act be continued solely for the purpose of administering student loans made under the provisions of the Student Loan Act and for retirement of bonds issued under the Student Loan Act until all such loans are completely paid and all such outstanding bonds are retired. History: 1978 Comp., § 21-21-26, enacted by Laws 1978, ch. 110, § 14. ANNOTATIONSCompiler's notes. — The phrase "effective date of the Student Loan Guarantee Act" means July 1, 1978, the effective date of Laws 1978, Chapter 110.
NM Stat § 21-21A-1 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-1 - Short title.

Chapter 21, Article 21A NMSA 1978 may be cited as the "Educational Assistance Act". History: Laws 1981, ch. 319, § 1; 2005, ch. 201, § 1. ANNOTATIONSCross references. — For Teacher Loan for Service Act, see 21-22E-1 NMSA 1978 et seq. For the Legislative Endowment Scholarship Act, see 21-21J-1 NMSA 1978 et seq. The 2005 amendment, effective June 17, 2005, added the statutory reference to the act.
NM Stat § 21-21A-2 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-2 - Repealed.

History: Laws 1981, ch. 319, § 2; 2005, ch. 201, § 2; repealed by Laws 2011, ch. 168, § 10.ANNOTATIONSRepeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-2 NMSA 1978, as enacted by Laws 1981, ch. 319, § 2, relating to purpose, effective June 17, 2011. For provisions of former section, see the 2010 NMSA 1978 on NMOneSource.com.
NM Stat § 21-21A-3 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-3 - Definitions.

As used in the Educational Assistance Act: A. "bond" means any bond, note or other evidence of indebtedness; B. "educational loan" means a loan for educational purposes made to or for the benefit of qualified persons; C. "foundation" means a corporation formed pursuant to the provisions of the Educational Assistance Act to provide financial assistance for post-secondary education; and D. "institution of higher education" means the state institutions of higher education enumerated in Article 12, Section 11 of the constitution of New Mexico or other institution of higher education approved by the foundation. History: Laws 1981, ch. 319, § 3; 1989, ch. 19, § 1; 2005, ch. 201, § 3; 2011, ch. 168, § 1. ANNOTATIONSThe 2011 amendment, effective June 17, 2011, deleted the definition of "corporation", which referred to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978. The 2005 amendment, effective June 17, 2005, deleted in Subsection E the qualification that another institution of higher education must be a state institution recognized by the commission on higher education.
NM Stat § 21-21A-4 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-4 - Repealed.

History: Laws 1981, ch. 319, § 4; 1989, ch. 19, § 2; repealed by Laws 2011, ch. 168, § 10.ANNOTATIONSRepeals. — Laws 2011, ch. 168, § 10 repealed 21-21A-4 NMSA 1978, as enacted by Laws 1981, ch. 319, § 4, relating to authorization, members, terms, meetings and bylaws of nonprofit guarantee corporations, effective June 17, 2011. For provisions of former section, see the 2010 NMSA 1978 on NMOneSource.com.
NM Stat § 21-21A-5 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-5 - Nonprofit foundation authorized; purpose.

A majority of the four-year institutions of higher education may form, pursuant to the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], a nonprofit foundation, separate and apart from the state. The purpose of the foundation is to improve the educational opportunities of residents of New Mexico by providing financial assistance to qualified persons, including a program of making, financing, purchasing, holding and selling educational loans, and by servicing educational loan, scholarship, grant, work study and other educational assistance programs. History: Laws 1981, ch. 319, § 5; 1989, ch. 19, § 3; 2005, ch. 201, § 4. ANNOTATIONSThe 2005 amendment, effective June 17, 2005, deleted the requirement that loans be insured. Am. Jur. 2d, A.L.R. and C.J.S. references. — 15 Am. Jur 2d Charities §§ 45, 46, 180 to 182, 184. 14 C.J.S. Charities §§ 9, 60 to 64.
NM Stat § 21-21A-6 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-6 - Foundation; board of directors; members; terms; meetings; bylaws.

A. The foundation shall be governed by and all of its functions, powers and duties shall be exercised by a board of directors. After the effective date of this 2011 act, the board sitting prior to the effective date of this 2011 act shall appoint the next successor board and shall establish staggered four-year terms for the members. The board shall consist of the following members: (1) the state treasurer or the state treasurer's designee; (2) two members representing post-secondary education; (3) two members representing lending institutions; and (4) other members as provided by the foundation bylaws. B. A vacancy shall be filled by appointment by the board for the unexpired term. C. The board shall elect a chair and such other officers as it deems necessary. D. Members of the board shall receive no compensation for their service, but may be reimbursed on a per diem and mileage basis for their actual and necessary expenses reasonably incurred in the performance of their duties as board members, in an amount not exceeding the amount authorized by law for nonsalaried public officers of governmental entities of this state. E. Board meetings shall be open to the public. The board shall adopt bylaws governing board meetings consistent with the provisions of the Open Meetings Act [Chapter 10, Article 15 NMSA 1978]. F. The foundation shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], governing the conduct of the foundation in the performance of its duties under the Educational Assistance Act and the federal Higher Education Act of 1965, as amended. History: Laws 1981, ch. 319, § 6; 1989, ch. 19, § 4; 1995, ch. 201, § 1; 2011, ch. 168, § 3. ANNOTATIONSCross references. — For the federal Higher Education Act of 1965, see 20 U.S.C. § 1001 et seq. The 2011 amendment, effective June 17, 2011, directed the board of directors sitting prior to June 17, 2011 to appoint the next successor board for staggered terms of four years; restructured the membership of the board of directors by reducing the number of members representing post-secondary education from seven to two members, by eliminating the requirement that members representing post-secondary education be regents and administrators, and by permitting the board to provide for other board members in the foundation's bylaws; and eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978. The 1995 amendment, effective June 16, 1995, in Subsection A, substituted "eleven" for "ten", made minor stylistic changes in Paragraphs (2) and (3) and added Paragraph (4), and in Subsection B, inserted "and governing board member" and "or governing board member" in the first sentence and inserted "or by the two-year college representative body making the original appointment" in the second sentence.
NM Stat § 21-21A-8 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-8 - Issuance of revenue bonds.

The foundation may from time to time issue negotiable revenue bonds. The proceeds of the sale of the bonds issued pursuant to the Educational Assistance Act may be used to fund reserves for the bonds, to pay interest on the bonds and to pay the necessary expenses of issuing the bonds, including bond counsel and fiscal advisory fees and other legal, consulting and printing fees and costs. All bonds may be issued in one or more series. The bonds of each issue shall be dated and bear interest payable as prescribed by the foundation. The bonds shall mature serially or otherwise not later than thirty years from their date and may be redeemable before maturity, at the option of the foundation, at prices and under terms and conditions fixed by the foundation in its resolution or trust agreement providing for issuance of the bonds. The resolution or trust agreement shall also determine the form of the bonds, including the form of any interest coupons to be attached to the bonds, and shall fix the denominations of the bonds and the place of the payment of the principal and interest of the bonds. The bonds shall be executed on behalf of the foundation as special obligations of the foundation payable only from the funds specified in the Educational Assistance Act and shall not be a debt of the state, any eligible post-secondary institution or any municipality, and neither the state nor any eligible post-secondary institution or municipality shall be liable for the bonds. The resolution or trust agreement may provide for registration of the bonds as to ownership and for successive conversion and reconversion from registered to bearer bonds and vice versa. The bonds may be registered in the office of the foundation. After the registration and delivery to the purchasers, the bonds are incontestable and constitute special obligations of the foundation, and the bonds and coupons are negotiable instruments under the laws of the state. The bonds may be sold at public or private sale by the foundation at prices and in accordance with procedures and terms it determines to be advantageous and reasonably obtainable. The foundation may provide for replacement of any bond that is mutilated or destroyed. History: Laws 1981, ch. 319, § 8; 1989, ch. 19, § 6; 1996, ch. 76, § 1; 2005, ch. 201, § 6. ANNOTATIONSThe 2005 amendment, effective June 17, 2005, deleted the provision that no bond proceeds may be expended for the making or purchase of any educational loan, unless the loan is an insured educational loan. The 1996 amendment, effective March 5, 1996, deleted "its" preceding "bond counsel" in the second sentence and substituted "thirty years" for "fifteen years" in the fifth sentence. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 13, 120, 186 to 205, 228, 298, 299, 416, 420 to 424. 81A C.J.S. States §§ 252 to 262.
NM Stat § 21-21A-9 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-9 - Status of bonds.

A. Bonds and other obligations issued under the provisions of the Educational Assistance Act shall not be deemed to constitute a debt, liability or obligation of or a pledge of the faith and credit of the state or any political subdivision thereof, but shall be payable solely from the revenues or assets of the foundation pledged for such payment. Each obligation issued on behalf of the foundation under that act shall contain on its face a statement to the effect that neither the state nor the foundation shall be obligated to pay the obligation or the interest on the obligation except from the revenues or assets pledged for payment and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligation. B. Expenses incurred by the foundation in carrying out the provisions of the Educational Assistance Act may be made payable from the revenues and funds provided pursuant to that act, and no liability shall be incurred by the foundation under that act beyond the extent to which such money has been provided. History: Laws 1981, ch. 319, § 9; 2011, ch. 168, § 4. ANNOTATIONSThe 2011 amendment, effective June 17, 2011, eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 13, 416, 420 to 424. 81A States § 261.
NM Stat § 21-21A-10 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-10 - Refunding bonds.

The board of directors of the foundation may by resolution provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Educational Assistance Act, together with redemption premiums, if any, and interest accrued or to accrue thereon. Provisions governing the issuance and sale of bonds under that act govern the issuance and sale of refunding bonds insofar as applicable. Refunding bonds may be exchanged for the outstanding bonds or may be sold and the proceeds used to retire the outstanding bonds. Pending the application of the proceeds of any such refunding bonds, with any other available funds, to the payment of the principal, interest and any redemption premiums on the bonds being refunded, and if so provided or permitted in the resolution of the foundation authorizing the issuance of such refunding bonds, to the payment of any interest on such refunding bonds and any expenses incurred in connection with such refunding, such proceeds may be placed in escrow and invested in securities which are unconditionally guaranteed by the United States and which shall mature or which shall be subject to redemption by the holders thereof, at the option of the holders, not later than the respective dates when the proceeds, together with the interest accruing thereon, will be required for the purposes intended. History: Laws 1981, ch. 319, § 10. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 261 to 269. 81A C.J.S. States § 259.
NM Stat § 21-21A-11 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-11 - Trust agreements authorized.

In the discretion of the foundation, any bonds issued under the provisions of the Educational Assistance Act may be secured by a trust agreement by and between the foundation and a corporate trustee, which may be a bank or trust company having trust powers within or without the state. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign all or any part of the revenues or assets of the foundation, including without limitation educational loan receipts, educational loans, federal interest subsidies, special allowance payments and educational loan commitments; temporary loans, contracts, agreements and other security or investment obligations; the fees or charges made or received by the foundation; the money received in payment of educational loans and interest on that money, including the proceeds of insurance thereon; and any other money received or due to be received by the foundation. The trust agreement or resolution may contain such provisions for protecting and enforcing the rights and remedies of the holders of bonds as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the foundation in relation to the purposes to which bond proceeds may be applied, the disposition or pledging of the revenues or assets of the foundation and the custody, safeguarding and application of all money. It shall be lawful for any bank or trust company incorporated under the laws of the state that may act as depository of the proceeds of bond revenues or other money pursuant to the Educational Assistance Act to furnish such indemnifying bonds or to pledge such securities as may be required by the foundation. The trust agreement or resolution may set forth the rights and remedies of the holders of any bonds and of the trustee and may restrict the individual right of action by any bondholders. The trust agreement or resolution may contain such other provisions as the foundation deems reasonable and proper for the security of the holders of any bonds. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be paid from the revenues or assets pledged or assigned to the payment of the principal of and the interest on bonds or from any other funds available to the foundation. History: Laws 1981, ch. 319, § 11; 2005, ch. 201, § 7. ANNOTATIONSThe 2005 amendment, effective June 17, 2005, changed "insured student loan" to "educational loan". Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 199.
NM Stat § 21-21A-12 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-12 - Pledge of assets or revenues of foundation.

The pledge of any assets or revenues of the foundation to the payment of the principal of or the interest on any bonds shall be valid and binding from the time when the pledge is made, and any such assets or revenues shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the foundation, irrespective of whether such parties have notice thereof. Nothing herein shall be construed to prohibit the foundation from selling any assets subject to any such pledge except to the extent that any such sale may be restricted by the trust agreement or resolution providing for the issuance of such bonds. History: Laws 1981, ch. 319, § 12.
NM Stat § 21-21A-13 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-13 - All money received deemed trust funds.

Notwithstanding any other provisions of law, all money received by the foundation under the provisions of the Educational Assistance Act shall be deemed to be trust funds to be held and applied solely as provided in that act. The resolution authorizing any obligations or the trust agreement securing the obligations may provide that any of the money may be temporarily invested pending disbursement and shall provide that any officer with whom or any bank or trust company with which the money is deposited shall act as trustee of the money and shall hold and apply the money for the purposes of the Educational Assistance Act pursuant to the resolution or trust agreement. History: Laws 1981, ch. 319, § 13; 2011, ch. 168, § 5. ANNOTATIONSThe 2011 amendment, effective June 17, 2011, eliminated the requirement that money of the foundation be invested as provided in the Educational Assistance Act.
NM Stat § 21-21A-14 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21A - Educational Assistance|Section 21-21A-14 - Rights of holders of bonds.

Any holder of bonds issued under the provisions of the Educational Assistance Act or any coupons appertaining thereto, and the trustee under any trust agreement or resolution authorizing the issuance of such bonds, except as the rights given pursuant to that act may be restricted by such trust agreement or resolution, may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights under the laws of the state or granted by that act or under such trust agreement or resolution or under any other contract executed by the foundation pursuant to that act, and may enforce and compel the performance of all duties required by that act or by such trust agreement or resolution to be performed by the foundation or by any officer thereof. History: Laws 1981, ch. 319, § 14. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 276, 277, 298, 299. 81A C.J.S. States § 262.