reglab/statecodes huggingface dataset:
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-7. "Eligible Institution"

Sec. 7. "Eligible institution", for the purposes of IC 21-16-4 and sections 2, 12, and 14 of this chapter, refers to a postsecondary educational institution described in IC 21-16-4-1.
[Pre-2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-7.5. "Eligible Secondary School Student"

Sec. 7.5. "Eligible secondary school student" means a student, beginning with the cohort of students that is expected to graduate in the 2022-2023 school year, who:
(1) is enrolled in a secondary school in Indiana; and
(2) meets any other criteria established by the commission.
As added by P.L.287-2019, SEC.13. Amended by P.L.37-2020, SEC.1.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-8. "Eligible Student"

Sec. 8. "Eligible student" means a student who:
(1) is enrolled as a full-time or part-time student at an approved institution of higher education in Indiana;
(2) completes a Free Application for Federal Student Aid;
(3) meets financial eligibility requirements based on the student's financial aid application, regardless of the date on which the application is filed; and
(4) meets any other criteria established by the commission.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-1 part.]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.3; P.L.11-2015, SEC.10; P.L.217-2015, SEC.7; P.L.165-2016, SEC.17; P.L.174-2018, SEC.9.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-9. "Federal Program"

Sec. 9. "Federal program", for the purposes of IC 21-16-5, means a program operated by the United States Secretary of Education under which the United States Secretary of Education provides guarantees or reinsurances of loans made to students or to either one (1) or both parents or the legal guardians of the students to assist students in obtaining postsecondary education.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-1(4).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-10. "Fund"

Sec. 10. "Fund":
(1) for purposes of IC 21-16-2, refers to the EARN Indiana fund established by IC 21-16-2-2; and
(2) for purposes of IC 21-16-4, refers to the student loan program fund established by IC 21-16-4-11.
[Pre-2007 Higher Education Recodification Citation: New; 20-12-22.1-6.]
As added by P.L.2-2007, SEC.257. Amended by P.L.132-2013, SEC.3; P.L.272-2013, SEC.4.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-11. "Guaranteed Loans"

Sec. 11. "Guaranteed loans", for purposes of IC 21-16-4, means loans issued by approved lenders to students or either one (1) or both parents of students under state and federal law.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-1(d).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-12. "Half-Time Students"

Sec. 12. "Half-time students" means certificate, diploma, associate, baccalaureate, graduate, or professional students enrolled in courses sufficient for them to be considered half time by an eligible institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-1(d).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-13. "Lending Institution"

Sec. 13. "Lending institution", for the purposes of IC 21-16-5, means an institution that makes or holds education loans.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-1(3).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 1. General Provisions; Definitions › 21-16-1-14. "Resident"

Sec. 14. "Resident" means a United States citizen or alien who is admitted into the United States for lawful, permanent residence and who:
(1) attends an eligible institution in Indiana;
(2) lives in Indiana and attends an eligible institution outside Indiana;
(3) lives outside Indiana and attends an eligible institution outside Indiana, but who:
(A) previously was a resident described in subdivision (1) or (2); and
(B) as a resident had a loan guaranteed by the commission under IC 21-16-4;
(4) resides in a county contiguous to the boundary of Indiana; or
(5) resides in a county that the commission approves as being within the servicing area of a participating lender, and the lender is located in Indiana or in a county contiguous to the boundary of Indiana.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-1(f).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-1. Earn Indiana Program; Established

Sec. 1. There is established an employment aid readiness network (EARN) Indiana program to be administered by the commission.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-2(a).]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.5.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-2. Earn Indiana Fund; Established; Administration

Sec. 2. (a) The EARN Indiana fund is established to provide reimbursement to eligible employers who enter into agreements with the commission under this chapter.
(b) The fund consists of appropriations from the state general fund and contributions from private sources.
(c) The expenses of administering the fund shall be paid from money in the fund.
(d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.
(e) Money in the fund at the end of a particular fiscal year does not revert to the state general fund but remains available to be used for providing reimbursements under this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-5.]
As added by P.L.2-2007, SEC.257. Amended by P.L.234-2007, SEC.49; P.L.272-2013, SEC.6.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-3. Agreements With Eligible Employers

Sec. 3. In order to implement the provisions of this chapter, the commission shall enter into agreements with eligible employers for the operation of the EARN Indiana program as provided in this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-3(a).]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.7.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-4. Agreements; Conditions

Sec. 4. An agreement entered into under this chapter must:
(1) provide for employment by the eligible employer of eligible students and eligible secondary school students:
(A) for a minimum average of twelve (12) hours per week; and
(B) a maximum average of:
(i) twenty (20) hours per week, if the student is enrolled in courses at the time of employment; or
(ii) forty (40) hours per week if the employment occurs during the summer term;
(2) provide for the reimbursement, to the extent possible under the then current biennial appropriation, by the state to the employer of at least fifty percent (50%) of the federal minimum hourly wage for each hour worked by the student for the employer;
(3) provide that any work performed by a student under this chapter must not result in the displacement of employed workers or impair existing contracts for services;
(4) provide that any work performed by a student under this chapter shall not involve any partisan or nonpartisan political or sectarian activities;
(5) provide that wage rates must be established by the eligible employer, but must not be less than the current federal minimum wage rate; and
(6) contain any other provisions necessary to carry out this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-3(b).]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.8; P.L.287-2019, SEC.14; P.L.37-2020, SEC.2.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-5. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-4(a) part.]
As added by P.L.2-2007, SEC.257. Repealed by P.L.272-2013, SEC.9.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-6. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-4(a) part.]
As added by P.L.2-2007, SEC.257. Repealed by P.L.272-2013, SEC.10.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-7. Eligible Employers; Duties

Sec. 7. An eligible employer that wishes to participate in the EARN Indiana program under this chapter must:
(1) submit to the commission, by the date specified by the commission and in the format specified by the commission, a job description for each job that the eligible employer will offer to eligible students and eligible secondary school students under the program;
(2) submit to the commission, by the date specified by the commission, one (1) or more statements reporting:
(A) the wages paid by the eligible employer to each eligible student and each eligible secondary school student; and
(B) the amount of time worked by each eligible student and each eligible secondary school student employed by the eligible employer; and
(3) sign an agreement agreeing to administer the program according to the published rules and program guidelines as outlined by the commission.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-4(b).]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.11; P.L.287-2019, SEC.15.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-8. Work Study Funds Considered as Financial Aid

Sec. 8. Funds received by students under this chapter must not be considered as financial aid and must not be used in determining awards under the provisions of IC 21-12-3 and IC 21-12-4.
[Pre-2007 Higher Education Recodification Citation: 20-12-20.5-6.]
As added by P.L.2-2007, SEC.257. Amended by P.L.272-2013, SEC.12; P.L.81-2019, SEC.9.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 2. Earn Indiana Program › 21-16-2-9. Priority for Small Businesses

Sec. 9. In entering into agreements under section 3 of this chapter with eligible employers described in IC 21-16-1-6(4), the commission shall give priority to eligible employers that are organized as small businesses.
As added by P.L.272-2013, SEC.13.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 3. Minors; Legal Capacity to Contract for Guaranteed Student Loans › 21-16-3-1. Student Legal Capacity to Contract

Sec. 1. A student who enters into a contract for a loan to finance a college education or who borrows money to defray the expense of attending any postsecondary educational institution:
(1) has full legal capacity to act in the student's own behalf in this transaction; and
(2) is subject to any obligation that arises from the contract.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.3-1.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-1. Eligible Institutions; Approval by the Commission

Sec. 1. The commission may approve, as eligible institutions, any postsecondary educational institution that meets the standards established by the commission. However, an eligible institution does not include a postsecondary educational institution offering exclusively correspondence or home study courses.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(1).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-2. Criteria for Approved Lenders

Sec. 2. The commission may establish reasonable eligibility criteria for the initial and continuing participation of approved lenders in the student loan program.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(2).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-3. Lender Conditions; Guarantee Percentage; Interest Rate

Sec. 3. The commission may guarantee loans made by approved lenders upon conditions prescribed by the commission to residents who attend or plan to attend eligible institutions in Indiana or elsewhere, to assist the residents in meeting education expenses. The commission shall guarantee at least one hundred percent (100%) of the principal and interest on the loans. However, the rate of interest on guaranteed loans may not exceed the annual rate of simple interest prescribed for state student loan programs under federal law.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(3).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-4. Loan Applicability

Sec. 4. The commission may guarantee loans to a student, or to either one (1) or both parents of a student, who attends or plans to attend an eligible institution, who is at least a half-time student, and who is accepted by the eligible institution.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(4).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-5. Contracts and Guaranty Agreements

Sec. 5. The commission may enter into contracts and guaranty agreements with approved lenders, state governmental agencies, other corporations, and federal governmental agencies, including agreements for federal insurance of losses resulting from death, default, bankruptcy, or total and permanent disability of borrowers.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(7).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-6. Loan Requirements

Sec. 6. The commission may require that any loan guaranteed under this chapter be disbursed and repaid in the manner and time that the commission prescribes.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(8).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-7. Eligible Institution's Qualified Status; Removal; Review

Sec. 7. The commission may remove an eligible institution's qualified status upon finding, after reasonable notice and hearing, that the eligible institution fails to meet the standards established by the commission. The commission may direct the department of workforce development or the board for proprietary education to review a school under its jurisdiction, or a comparable school outside Indiana that is an eligible institution under this chapter. The commission may use the results of the review to determine whether to remove an eligible institution's qualified status.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(9).]
As added by P.L.2-2007, SEC.257. Amended by P.L.107-2012, SEC.46; P.L.152-2018, SEC.13.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-8. Collection of Insurance Premium

Sec. 8. The commission may collect an insurance premium of not more than one percent (1%) per annum of the principal amount of the loan. The premium must be calculated in accordance with federal regulations.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(11).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-9. Administration of Loan Program

Sec. 9. The commission may take, hold, and administer, on behalf of the loan program and for purposes of this chapter, property, money, and the interest and income derived from them either absolutely or in trust. The commission may accept gifts, grants, bequests, devises, and loans for the purposes of this chapter. An obligation of the loan program for losses on student loans resulting from death, default, bankruptcy, or total or permanent disability of borrowers is not a debt of the state, but is payable solely from the fund.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-2(12).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-10. Eligibility Criteria Violation Procedures

Sec. 10. (a) Whenever the commission or its designee has reason to believe that a lender or an eligible 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 eligible institution. The lender or eligible 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 that will be taken to correct the violation and prevent its recurrence.
(b) Upon finding, after reasonable notice and hearing, that a lender or eligible institution fails to meet the eligibility criteria for approved lenders, the commission may:
(1) limit the number or total amount of loans which the lender or eligible institution may make under this chapter;
(2) limit the percentage of an eligible institution's total receipts for tuition and fees which may be derived from loans under this chapter for a stated period;
(3) require an eligible institution to obtain a bond, in an appropriate amount, to provide assurance that it will be able to meet its financial obligations to students enrolled in eligible institutions who received loans under this chapter; and
(4) impose other conditions or requirements on lenders or eligible institutions, or both, that:
(A) are reasonable and appropriate as a direct means of correcting a violation;
(B) have a high probability for successfully correcting the violation; and
(C) will promote the purposes of this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-3.]
As added by P.L.2-2007, SEC.257. Amended by P.L.86-2018, SEC.187.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-11. Student Loan Program Fund; Administration

Sec. 11. Funds received under the loan program shall be deposited with the treasurer of state in a separate account known as the "student loan program fund". 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 but remains available to be used for providing student loans under this chapter. After consultation with the program director of the loan program, the treasurer of state shall invest the funds. The income earned on the invested amount is part of the fund.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-4.]
As added by P.L.2-2007, SEC.257. Amended by P.L.234-2007, SEC.50.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-12. Tax Exemption

Sec. 12. The property, income, obligations, and activities of the program are exempt from all state and local taxation.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-5.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-13. Forbearance

Sec. 13. Sections 14 through 16 of this chapter do not preclude any forbearance for the benefit of the borrower agreed upon by the parties to the guaranteed loan and the commission.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(c).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-14. Default; Procedures

Sec. 14. Upon default by a borrower on a loan guaranteed under this chapter, and before the commencement of a suit or other enforcement proceedings upon security for the loan, the holder of the guaranteed loan obligation shall promptly notify the commission and the commission shall pay the holder of that loan as soon as the amount is determined. The commission shall determine the amount of loss in accordance with its rules; however, the amount of loss may not exceed the unpaid balance of the principal amount and the unpaid accrued interest.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(a).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-15. Payment on Loss; Subrogation Rights

Sec. 15. Upon payment by the commission of the guaranteed part of the loss upon a default by a borrower, the commission shall be subrogated to the rights of the holder of the obligation upon the insured loan and is entitled to an assignment of the note or other evidence of the guaranteed loan by the holder.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(b).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-16. Holder of Guarantee Loans; Duties

Sec. 16. A holder of a guaranteed loan shall exercise reasonable care and diligence in the making and collection of loans under this chapter. If the commission finds that reasonable care and diligence are not being exercised by a holder of a guaranteed loan, the commission may:
(1) withdraw its guarantee on an individual borrower basis, allowing the approved lender to continue participation in the program, after reasonable notice to the lender; or
(2) disqualify the approved lender from the guarantee of further loans upon finding, after reasonable notice and hearing, that the lender has substantially failed to exercise reasonable care and diligence in the making and collection of loans under this chapter.
These disqualifications shall continue until the commission is satisfied that the lender will exercise reasonable care and diligence in the future.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(d).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-17. Dissolution of Loan Program

Sec. 17. The loan program established by this chapter may not be dissolved until all guaranteed loans have been repaid by the borrower or, if in default, by the commission. Upon dissolution of the loan program, all the property and money of the program not owed to the federal government vests in the state general fund.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-7.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 4. Guaranteed Student Loan Program › 21-16-4-18. Legal Representation; Attorney General; Private Attorney

Sec. 18. The attorney general shall act as legal counsel to the commission. When the collection of loans on which the commission has met its guarantee obligation requires legal action outside the state of Indiana, the commission, upon the recommendation of the attorney general, may employ private, out of state counsel and expend its own funds to pay for this service.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-8.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-1. Secondary Market for Guaranteed Student Loans; Establishment of Corporation

Sec. 1. The governor may request, on behalf of the state, the establishment of a private nonprofit corporation, with a bipartisan board of directors that meets the requirements of section 1.5 of this chapter, to serve as a secondary market for education loans. If a private nonprofit corporation is established, the governor may designate the corporation to:
(1) serve as the secondary market for education loans; and
(2) act as an eligible lender under a federal program.
The corporation must satisfy the conditions imposed by sections 3 through 10 of this chapter, and its articles of incorporation must provide that upon the corporation's liquidation, any surplus funds must be paid to the state.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-2(a).]
As added by P.L.2-2007, SEC.257. Amended by P.L.224-2023, SEC.6.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-1.5. Board of Directors; Appointment; Quorum; Meetings; Salary per Diem

Sec. 1.5 (a) The board of directors of the nonprofit corporation is composed of nine (9) members. The members must be appointed as follows:
(1) Five (5) members appointed by the governor.
(2) One (1) member appointed by the president pro tempore of the senate.
(3) One (1) member appointed by the minority leader of the senate.
(4) One (1) member appointed by the speaker of the house of representatives.
(5) One (1) member appointed by the minority leader of the house of representatives.
(b) None of the members appointed to the board may be members of the general assembly. Not more than five (5) members may belong to the same political party. Members serve at the pleasure of the appointing authority.
(c) The board shall elect from among its members a chair and vice chair.
(d) Five (5) members constitutes a quorum for the transaction of business. An affirmative vote of at least five (5) members is necessary for the board to take action. Members of the board may not vote by proxy.
(e) Meetings of the board shall be held at the call of the chair or whenever any five (5) voting members request a meeting. The members shall meet at least once every three (3) months to attend to the business of the corporation.
(f) Members are entitled to a salary per diem for attending meetings equal to the per diem provided by law for members of the general assembly. The members are also entitled to receive reimbursement for traveling expenses as provided under IC 4-13-1-4 and other expenses actually incurred in connection with the members' duties as approved by the budget agency.
As added by P.L.224-2023, SEC.7.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-1.6. Board of Directors; Terms; Vacancies

Sec. 1.6. (a) The term of a member of the board of directors is four (4) years. All terms begin on January 1. Each member holds office for the term of appointment and continues to serve after expiration of the appointment until a successor is appointed and qualified. A member is eligible for reappointment.
(b) A vacancy in the membership of the board under this chapter shall be filled by the appointing authority for the unexpired term in the same manner as the original appointment.
(c) The appointment of members in accordance with section 1.5 of this chapter must be made not later than December 31, 2023. Notwithstanding subsection (a), the terms of the members shall be staggered as follows:
(1) Three (3) members appointed under section 1.5(a)(1) of this chapter shall serve a two (2) year term.
(2) One (1) member appointed under section 1.5(a)(1) of this chapter, the member appointed under 1.5(a)(3) of this chapter, and the member appointed under 1.5(a)(5) of this chapter shall serve a three (3) year term.
(3) One (1) member appointed under section 1.5(a)(1) of this chapter, the member appointed under 1.5(a)(2) of this chapter, and the member appointed under 1.5(a)(4) of this chapter shall serve a four (4) year term.
All subsequent terms of members shall be for four (4) year terms. This subsection expires July 1, 2028.
As added by P.L.224-2023, SEC.8.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-2. Public Hearing; Notice

Sec. 2. Before designation by the governor under section 1 of this chapter, the corporation shall conduct a public hearing to give all interested parties an opportunity to review and comment upon the bylaws and method of operation of the corporation. Notice of this hearing must be given at least fourteen (14) days before the hearing in the manner set out in IC 5-14-1.5-5(b).
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-2(b).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-3. Powers of Corporation; Report to the Budget Committee

Sec. 3. (a) The corporation must, under its articles of incorporation, limit its powers to those described in subsection (b).
(b) The corporation may:
(1) borrow money, only after consulting with the Indiana finance authority not less than three (3) months prior to the date the corporation begins the process of borrowing money;
(2) purchase, sell, and retire education loans, if the loans are not in default status;
(3) provide incentive services and payments, including the payment of premiums for the purchase of education loans and the payment of an origination fee, to assist lending institutions that provide education loans;
(4) loan funds to lending institutions if:
(A) the lending institution agrees to use the funds to originate education loans of an amount equal to the loan made by the corporation over a period agreeable to the corporation and to grant the corporation the right of first refusal to purchase those education loans;
(B) the lending institution agrees to use education loans or government securities as collateral for the loan; and
(C) the corporation has, in response to its written request, received written authorization from the governor to exercise the power described in this subdivision;
(5) make direct loans to or for the benefit of an education loan borrower or to consolidate all or a part of the borrower's outstanding education loans into one (1) loan;
(6) operate a secondary market for postsecondary education finance instruments, including tuition certificates and education savings certificates sold by or offered through lending institutions or postsecondary educational institutions;
(7) provide financial literacy and educational tools to students, their families, and Indiana colleges and universities with respect to responsibly financing the costs of higher education; and
(8) do all other things that are necessary or incidental to performing the functions listed in subdivisions (1) through (7).
(c) The corporation, and any entity doing business as the corporation, including:
(1) the Indiana Secondary Market for Educational Loans, Inc.;
(2) INvestED; or
(3) any other entity doing business as the corporation;
shall, at least thirty (30) days prior to the issuance or placement of any bond, note, or other instrument by the corporation under this chapter, report to the budget committee the estimated amount of the bonds.
[Pre-2007 Higher Education Recodification Citations: 20-12-21.2-3(b); 20-12-21.2-3(a).]
As added by P.L.2-2007, SEC.257. Amended by P.L.132-2013, SEC.4; P.L.224-2023, SEC.9.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-4. Annual Report; Annual Public Hearing

Sec. 4. The corporation shall submit an annual report to the governor, which must include detailed information on the structure, operation, and financial status of the corporation. The corporation shall conduct an annual public hearing to receive comment from interested parties regarding the report. Notice of the hearing must be given at least fourteen (14) days before the hearing in accordance with IC 5-14-1.5-5(b).
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(c).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-5. Amending Articles of Incorporation and Bylaws

Sec. 5. (a) The corporation shall provide in its articles of incorporation that changes in its bylaws are subject to the approval of the governor.
(b) The corporation shall amend its articles of incorporation and bylaws to conform to the requirements of this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(d).]
As added by P.L.2-2007, SEC.257. Amended by P.L.224-2023, SEC.10.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-6. Audit

Sec. 6. The corporation is subject to audit by the state board of accounts. The corporation shall bear the full costs of this audit.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(e).]
As added by P.L.2-2007, SEC.257. Amended by P.L.181-2015, SEC.43.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-7. Board of Directors; Executive Session

Sec. 7. The board of directors of the corporation may meet in executive session to do any of the following:
(1) Discuss negotiating strategies with respect to financing arrangements or proposals, in addition to those items listed in IC 5-14-1.5-6.1.
(2) Discuss, prepare bids for, or respond to proposals or arrangements for raising capital or acquiring assets.
(3) Discuss and prepare competitive marketing strategies.
(4) Engage in strategic planning.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(f).]
As added by P.L.2-2007, SEC.257. Amended by P.L.132-2013, SEC.5.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-8. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(g).]
As added by P.L.2-2007, SEC.257. Repealed by P.L.132-2013, SEC.6.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-9. Benefits of Guaranty

Sec. 9. The corporation and its transferees and pledgees, so long as they are eligible lenders under a federal program, are entitled to the benefits of any guaranty given by the commission under IC 21-16-4 or any successor to the commission with respect to education loans owned or held by the corporation, its transferees, or its pledgees, as long as the corporation, its transferees, or its pledgees are eligible lenders or holders of education loans under the rules adopted under IC 4-22-2 by the commission or a successor to the commission.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(h).]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-10. Grants; Approval by the Budget Agency

Sec. 10. Notwithstanding any other law, the corporation may not make grants for any purpose without approval by the budget agency and the governor after review by the budget committee.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-3(i).]
As added by P.L.2-2007, SEC.257. Amended by P.L.132-2013, SEC.7.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-11. Debts Incurred

Sec. 11. Debts incurred by the corporation under authority of this chapter do not represent or constitute a debt of the state of Indiana within the meaning of the provisions of the statutes of Indiana or the Constitution of the State of Indiana.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-4.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-12. Tax Exemption for Principal and Interest

Sec. 12. The principal of and the interest on bonds and notes issued by the corporation under this chapter are exempt from taxation of every kind by the state and by the municipalities and other political subdivisions of the state.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-5.]
As added by P.L.2-2007, SEC.257. Amended by P.L.79-2017, SEC.69.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-13. Investment of Funds

Sec. 13. All:
(1) banks;
(2) bankers;
(3) trust companies;
(4) savings banks and institutions;
(5) building and loan associations;
(6) saving and loan associations;
(7) investment companies;
(8) insurance companies and associations; and
(9) executors, administrators, guardians, trustees, and other fiduciaries;
may legally invest any sinking funds, money, or other funds that belong to them or are within their control in any bonds or notes issued under this chapter.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-6.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-14. Termination of the Designation

Sec. 14. The designation by the governor under section 1 of this chapter remains in effect until the general assembly provides by law for termination of the designation.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-7.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-15. Immunity for Officers and Directors

Sec. 15. Except for an act of fraud or intentional misconduct, an officer or director of the corporation is not individually liable for an act or omission regarding the exercise or performance of that person's duty to the corporation.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-8.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-16. Security Interest in Education Loans

Sec. 16. Notwithstanding IC 26-1-9.1-310(a), a security interest in education loans is perfected by:
(1) possession under IC 26-1-9.1-313; or
(2) filing a financing statement in the office of the secretary of state under IC 26-1-9.1-501.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-9.]
As added by P.L.2-2007, SEC.257.
2023 Indiana Code › Title 21. Higher Education › Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans › Chapter 5. Secondary Market for Guaranteed Student Loans › 21-16-5-17. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-21.2-10.]
As added by P.L.2-2007, SEC.257. Amended by P.L.234-2007, SEC.51. Repealed by P.L.132-2013, SEC.8.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-1. Definitions

Sec. 1. The definitions in this chapter apply throughout this article.
[2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.258.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-2. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-1.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.47.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-3. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-2.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.48.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-4. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-3.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.49.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-5. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-4.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.50.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-6. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-5.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.51.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-7. "Course"

Sec. 7. "Course" means a plan or program of instruction or training, whether conducted in person, by mail, or by any other method.
[Pre-2007 Higher Education Recodification Citation: 20-12-76-6.]
As added by P.L.2-2007, SEC.258.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-8. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-7.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.52.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-9. "Municipality"

Sec. 9. "Municipality" means a city or town that, under the authority in IC 36-7 and through its redevelopment commission, may undertake and carry out redevelopment or urban renewal projects.
[Pre-2007 Higher Education Recodification Citation: 20-12-15-1(c).]
As added by P.L.2-2007, SEC.258.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-10. "Nonprofit College or University"

Sec. 10. "Nonprofit college or university", for purposes of sections 14 and 17 of this chapter and IC 21-17-6, refers to a postsecondary educational institution described in IC 21-17-6-1.
[Pre-2007 Higher Education Recodification Citation: New.]
As added by P.L.2-2007, SEC.258.
2023 Indiana Code › Title 21. Higher Education › Article 17. Postsecondary Proprietary Educational Institutions and Other Private Educational Institutions › Chapter 1. General Provisions; Definitions › 21-17-1-11. Repealed

[Pre-2007 Higher Education Recodification Citation: 20-12-76-8.]
As added by P.L.2-2007, SEC.258. Repealed by P.L.107-2012, SEC.53.