reglab/housing_qa huggingface dataset:
NM Stat § 21-21-5 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-5 - Duties of the fiscal agent.

A. The fiscal agent shall accumulate individual loan applications from the several participating institutions and shall submit these applications to the appropriate federal office for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to each academic term. Upon receipt of an accumulation of guaranteed notes, the fiscal agent shall report their sum total to the state board of educational finance [commission on higher education [higher education department]] which shall then verify the need for funding and certify the need to the state board of finance as provided in the Student Loan Act. Upon request, the fiscal agent shall deposit the guaranteed notes with the state treasurer as collateral for the student loan fund. B. Upon receipt of funds from the state treasurer, the fiscal agent shall disburse, to each of the participating institutions, funds sufficient only to enable payments to those participating students whose loans have been approved and guaranteed or to the lending agency from which student loan notes were purchased. Any funds not so disbursed shall be returned to the fiscal agent by the participating institution. C. The fiscal agent shall collect interest payments and interest subsidies paid on behalf of the qualified student by the United States and shall also collect all interest and principal payments made by the student under the terms of his obligation to the student loan fund. When any person who has received a loan fails to make payments due in accordance with an executed note, the fiscal agent may declare the full amount of remaining principal and interest due and payable immediately. In the event of default of payment, the fiscal agent shall undertake collection, and in the event of failure to collect after such reasonable efforts as are prescribed by federal regulations, shall file a claim for payment under the terms of the federal guarantee. All payments received by the fiscal agent shall be remitted to the state treasurer for the credit of the student loan fund. D. Accounts of the fiscal agent shall be audited annually by the state auditor. History: 1953 Comp., § 73-38-5, enacted by Laws 1970, ch. 82, § 5; 1972, ch. 49, § 2. 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Officers and Employees § 14. 81A C.J.S. States §§ 134, 135.
NM Stat § 21-21-6 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-6 - Reimbursement of the fiscal agent.

The fiscal agent shall be reimbursed by the board of educational finance [commission on higher education [higher education department]] for the expense connected with his duties under the terms of an agreement negotiated annually by the board of educational finance with the approval of the board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to the board of educational finance for the cost of administering the student loan program shall be made from the general fund. Any part of this appropriation not needed for the reimbursement of the fiscal agent shall revert to the general fund at the end of each fiscal year. History: 1953 Comp., § 73-38-6, enacted by Laws 1970, ch. 82, § 6. 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Officers and Employees §§ 460 to 464. 67 C.J.S. Officers and Public Employees § 225.
NM Stat § 21-21-7 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-7 - Certification of the board of educational finance [commission on higher education].

Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Act, the board of educational finance [commission on higher education [higher education department]] shall certify to the state treasurer the demonstrated need for disbursement from the student loan fund. The state treasurer shall then disburse the needed funds to the fiscal agent. If the need for disbursement exceeds the balance in the student loan fund, the board of finance shall determine the requirements of the fund for income from the sale of revenue bonds. History: 1953 Comp., § 73-38-7, enacted by Laws 1970, ch. 82, § 7. 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63 Am. Jur. 2d Public Funds § 63. 81A C.J.S. States § 225.
NM Stat § 21-21-9 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-9 - Refunding bonds.

Upon recommendation of the state treasurer, the state board of finance may, be [by] resolution, provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Student Loan Act, together with accrued interest thereon. Provisions governing the issuance and sale of bonds under the Student Loan 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. History: 1953 Comp., § 73-38-9, enacted by Laws 1970, ch. 82, § 9. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Am. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 261 to 269, 445. Right to call governmental bonds in advance of their maturity, 109 A.L.R. 988. Governmental unit's power to issue bonds as implying power to refund them, 1 A.L.R.2d 134.
NM Stat § 21-21-10 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-10 - Legal investments; tax exemptions.

All bonds issued under the Student Loan Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant thereto, the bonds are sufficient security for all deposits of state funds and of all funds of any board in control at the par value of the bonds. The bonds and the income therefrom, including profits made on the sale thereof, are free from taxation within this state. History: 1953 Comp., § 73-38-10, enacted by Laws 1970, ch. 82, § 10. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 495, 526. Constitutional enumeration of subjects of tax exemption as affecting power of legislature to free government securities or property from taxation, 9 A.L.R. 436. 84 C.J.S. Taxation § 260.
NM Stat § 21-21-11 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-11 - Proceeds from bond sale.

All proceeds from the sale of bonds under the Student Loan Act, except amounts set aside as reserves and the expenses of selling the bonds, which may also be paid from the proceeds, shall be deposited with the state treasurer for credit to the student loan fund. History: 1953 Comp., § 73-38-11, enacted by Laws 1970, ch. 82, § 11.
NM Stat § 21-21-12 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-12 - Repayment of bonds.

All money received by the state treasurer as repayment of student loans granted under the Student Loan Act and interest on the loans shall be credited to the "student loan sinking fund" in the state treasury, except that an amount determined as described in Section 6 [21-21-6 NMSA 1978] of the Student Loan Act shall be credited to the general fund to reimburse the state for operating expenses of the fiscal agent under the Student Loan Act. The resolution authorizing the issuance of the bonds may provide for deposit from bond proceeds of not to exceed twenty-four months' interest, and may provide for use of bond proceeds as a reserve for the payment of principal and interest on the bonds. The state treasurer shall pay or cause to be paid from the student loan sinking fund the principal and interest on the bonds as they mature and come due. History: 1953 Comp., § 73-38-12, enacted by Laws 1970, ch. 82, § 12. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations §§ 197, 198. 11 C.J.S. Bonds § 59 et seq.
NM Stat § 21-21-13 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-13 - Investment of funds.

A. Money in the student loan sinking fund and money in the student loan fund in excess of the amount necessary for student loans may be invested by the state treasurer in: (1) direct obligations of, or obligations whose principal and interest are guaranteed by, the United States; (2) direct obligations of, or participation certificates guaranteed by, the federal intermediate credit bank, federal land banks, federal national mortgage association, federal home loan banks or banks for cooperatives; (3) certificates of deposit of any bank or trust company whose deposits are fully secured by a pledge of securities of any kind specified in this subsection; and (4) bonds of the state or its political subdivisions. B. Money in the student loan sinking fund may be invested only in obligations which are scheduled to mature prior to the date the money must be available for its intended purpose. C. All investments under this section may be sold at the prevailing market price. Income from these investments shall be credited to the student loan sinking fund. History: 1953 Comp., § 73-38-13, enacted by Laws 1970, ch. 82, § 13. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 64 Am. Jur. 2d Public Securities and Obligations § 119. 81A C.J.S. States § 225.
NM Stat § 21-21-14 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-14 - Short title.

Sections 1 through 11 [21-21-14 to 21-21-24 NMSA 1978] of this act may be cited as the "Student Loan Guarantee Act". History: 1978 Comp., § 21-21-14, enacted by Laws 1978, ch. 110, § 1.
NM Stat § 21-21-15 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-15 - Purpose.

The purpose of the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] is to establish a student loan guarantee program for post-high school students in accordance with such conditions as the board of educational finance may from time to time prescribe and consistent with Title IV, Part B, of the federal Higher Education Act of 1965, as amended; Title 45, Part 177, of the Code of Federal Regulations; and agreements with the United States commissioner of education pertaining thereto. History: 1978 Comp., § 21-21-15, enacted by Laws 1978, ch. 110, § 2. ANNOTATIONSCross references. — For Title IV, Part B, of the federal Higher Education Act of 1965, see 20 U.S.C. § 1071 et seq.
NM Stat § 21-21-16 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-16 - Definitions.

As used in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]: A. "board" ["commission" ["department"] means the board of educational finance [commission on higher education [higher education department]]; B. "eligible student" means a resident of New Mexico who has been accepted for enrollment or who is enrolled in a participating institution and who is otherwise eligible for a student loan guaranteed under the Student Loan Guarantee Act. A standard of academic performance higher than the minimum required for continuing enrollment in the participating institution shall not be required, and [but] the student must be meeting the minimum academic requirements of the participating institution at the time any loan is made; C. "fiscal agent" means the chief financial officer of one of the state higher educational institutions designated by the board; D. "loans" means loans made by the fiscal agent to residents of this state under Title IV, Part B, of the federal Higher Education Act of 1965, as amended; E. "participating institution" means any post-high school educational institution within or without the state, public or private including junior colleges and vocational schools, which qualifies as an eligible institution for the federal guaranteed-loan program under the federal Higher Education Act of 1965, as amended, and which is approved by the board for the purposes of the Student Loan Guarantee Act; and F. "resident" means a person who has established legal residency in New Mexico as defined by the board. History: 1978 Comp., § 21-21-16, enacted by Laws 1978, ch. 110, § 3. 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. Cross references. — For the federal Higher Education Act of 1965, see 20 U.S.C. § 1001 et seq.
NM Stat § 21-21-17 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-17 - Loan guarantees; powers and duties of board.

The board [commission [department]] shall be the guarantor under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and shall have the following powers in furtherance of the guarantee loan [guaranteed-loan] program: A. to guarantee the loan of money, upon such terms and conditions as the board may prescribe, to residents of this state who are attending or have been accepted for enrollment at an institution of higher education in this state or elsewhere, for the purpose of meeting expenses of higher education; provided, that such guarantees shall not be payable from funds received or to be received from state taxation. Loans may be guaranteed in amounts not to exceed the yearly or aggregate totals authorized by the federal Higher Education Act of 1965, as amended; B. to sue and be sued in the name of the board; C. to adopt rules and regulations governing the guarantee of loans and any other matters relating to the activities of the board in connection with the Student Loan Guarantee Act; D. to perform such other acts as may be necessary or appropriate in connection with the guarantee of loans; E. to require that any loan guaranteed under the Student Loan Guarantee Act shall be repaid in such manner and at such time as the board prescribes; F. to enter into such participation contracts, contracts for administrative services and guarantee agreements with the fiscal agent, with any other governmental agency of this state and any agency of the United States, including agreements for federal reinsurance of losses resulting from the bankruptcy, death, default or total and permanent disability of student borrowers, as are necessary or incidental to the performance of its duties and to carry out its functions under the Student Loan Guarantee Act; G. to receive and accept from any agency of the United States or from any individual, association or corporation, gifts, grants or donations of money for the purposes of the guaranteed-loan program; H. to participate in any federal governmental program for guaranteed loans or subsidies to students and to receive, hold and disburse funds made available by any agency of the United States for the purpose or purposes for which they are made available; I. to pay the federal government a portion of those funds obtained by the board from collection and recoupment of losses on defaulted loans in such amounts and in such manner as provided by any federal reinsurance agreement; and J. to contract with private business concerns in any attempt to make recovery on defaulted loans. History: 1978 Comp., § 21-21-17, enacted by Laws 1978, ch. 110, § 4. 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. Cross references. — For the federal Higher Education Act of 1965, see 20 U.S.C. § 1001 et seq.
NM Stat § 21-21-18 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-18 - Fund created; method of payment.

A. The state treasurer shall create a suspense account in the state treasury to be known as the "student loan guarantee fund" for the purpose of insuring student loans held by the fiscal agent. The student loan guarantee fund shall be held in trust and invested by the state treasurer in accordance with law. B. There may be deposited in the student loan guarantee fund: (1) receipts from the federal government under the federal Higher Education Act of 1965, as amended; (2) receipts under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] from any other source, except interest earned from investment of the student loan guarantee fund which shall be credited to the general fund, when the receipts may be lawfully used for the purpose of insuring student loans held by the fiscal agent; and (3) insurance fees charged by the commission on higher education [higher education department]. C. Disbursements from the student loan guarantee fund shall be made upon vouchers signed by the executive director of the commission on higher education [higher education department]. History: 1978 Comp., § 21-21-18, enacted by Laws 1978, ch. 110, § 5; 1989, ch. 324, § 13. 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. Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Funds § 3. 81A C.J.S. States §§ 155, 203, 208.
NM Stat § 21-21-19 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-19 - Repealed.

ANNOTATIONSRepeals. — Laws 1981, ch. 319, § 24, repealed 21-21-19 NMSA 1978, as amended by Laws 1980, ch. 77, § 1, relating to investment of severance tax permanent fund in student loans, effective July 1, 1981. For present provisions, see 21-21A-18 NMSA 1978.
NM Stat § 21-21-20 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-20 - Conditions of loan.

The amount and conditions of any loan to an eligible student shall be determined according to regulations promulgated by the board [commission [department]]. No payment shall be made to any qualified student until he has executed a note, guaranteed under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and payable to the severance tax permanent fund, for the full amount of the loan and applicable interest. For the purpose of the Student Loan Guarantee Act, an eligible student has the capacity to contract and is bound by any contract executed by him; the defense that he was a minor at the time he executed a note is not available to him in any action arising on his note. Payments to eligible students executing notes may be made annually, semiannually, quarterly, monthly or for each semester as determined by the participating institution, depending upon the demonstrated capacity of the student to manage his financial affairs. The rate of interest charged the student shall be the maximum authorized by federal regulations. Disbursements may be made to a participating institution pursuant to a contract between the fiscal agent and the participating institution executed under the Student Loan Guarantee Act. History: 1978 Comp., § 21-21-20, enacted by Laws 1978, ch. 110, § 7. 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 § 21-21-21 (2021)
2021 New Mexico Statutes|Chapter 21 - State and Private Education Institutions|Article 21 - Student Loans|Section 21-21-21 - Duties of fiscal agent.

A. The fiscal agent shall accumulate individual loan applications from participating institutions and shall submit these applications to the board [commission [department]] for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to each academic term. Upon receipt of an accumulation of guaranteed notes, the fiscal agent shall report their sum total to the board [commission [department]] which shall then verify the need for funding and certify the need to the state treasurer as provided in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]. Upon request, the fiscal agent shall deposit the guaranteed notes with the state treasurer as collateral for the severance tax permanent fund. B. Upon receipt of funds from the state treasurer, the fiscal agent shall disburse, to each of the participating institutions, funds sufficient only to enable payments to those participating students whose loans have been approved and guaranteed. Any funds not so disbursed shall be returned to the fiscal agent by the participating institution. C. The fiscal agent shall collect interest payments and interest subsidies paid on behalf of the eligible student by the United States and shall also collect all interest and principal payments made by the student under the terms of his obligation to the severance tax permanent fund. When any person who has received a loan fails to make payments due in accordance with an executed note, the fiscal agent may declare the full amount of remaining principal and interest due and payable immediately. In the event of default of payment, the fiscal agent shall undertake collection and, in the event of failure to collect after such reasonable efforts as are prescribed by the board [commission [department]] and by federal regulations, shall file a claim for payment under the terms of the guarantee. All payments received by the fiscal agent shall be remitted to the state treasurer for proper credit to the severance tax permanent fund or severance tax income fund. D. Accounts of the fiscal agent shall be audited annually by the state auditor. History: 1978 Comp., § 21-21-21, enacted by Laws 1978, ch. 110, § 8. 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.