reglab/statecodes huggingface dataset:
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.18 - Refunding bonds — purpose — proceeds — investment of proceeds.

261A.18 Refunding bonds — purpose — proceeds — investment of proceeds.
1. The authority may issue its obligations for the purpose of refunding obligations then outstanding, including the payment of a redemption premium on the obligations and interest accrued or to accrue to the earliest or a subsequent date of redemption, purchase, or maturity of the obligations.
2. The proceeds of obligations issued for the purpose of refunding outstanding obligations may, in the discretion of the authority, be applied to the purchase or retirement at maturity or redemption of the outstanding obligations either on their earliest or a subsequent redemption date or upon the purchase or at the maturity of the obligations and may, pending an application, be placed in escrow to be applied to the purchase or retirement at maturity or redemption on a date determined by the authority.
3. Any escrowed proceeds, pending their use, may be invested and reinvested in direct obligations of the United States of America, maturing at times as appropriate to assure the prompt payment of the principal of and interest and redemption premium, if any, on the outstanding obligations to be refunded. The interest, income, and profits, if any, earned or realized on an investment may also be applied to the payment of the outstanding obligations to be refunded. After the terms of the escrow have been fully satisfied and carried out, a balance of the proceeds and interest, income, and profits, if any, earned or realized on the investments shall be returned to the institution of higher education for use by it in any lawful manner.
4. Refunding obligations are subject to this chapter in the same manner and to the same extent as other obligations issued pursuant to this chapter.
[82 Acts, ch 1031, §18]
Referred to in §261A.19, 261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.19 - Investment of funds of authority.

261A.19 Investment of funds of authority.
Except as otherwise provided in section 261A.18, subsection 3, the authority may invest funds in direct obligations of the United States of America; obligations for which the timely payment of principal and interest is fully guaranteed by the United States of America; obligations of the federal intermediate credit banks, federal banks for cooperatives, federal land banks, federal home loan banks, federal national mortgage association, government national mortgage association and the student loan marketing association; certificates of deposit or time deposits constituting direct obligations of a bank as defined by chapter 524; and in withdrawable capital accounts or deposits of federal chartered savings associations which are insured by the federal deposit insurance corporation. However, investments may be made only in certificates of deposit or time deposits in banks which are insured by the federal deposit insurance corporation if then in existence. Securities authorized in this section may be purchased at the offering or market price at the time of the purchase. The securities purchased shall mature or be redeemable on dates prior to the time when, in the judgment of the authority, the funds invested will be required for expenditure. The judgment of the authority as to the time when funds will be required for expenditure or be redeemable is final.
[82 Acts, ch 1031, §19]
2012 Acts, ch 1017, §66
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.20 - Obligations as legal investments.

261A.20 Obligations as legal investments.
Banks, bankers, trust companies, federally chartered savings associations, investment companies, and other persons carrying on a banking or investment business, insurance companies and insurance associations, and executors, administrators, guardians, trustees, and other fiduciaries may legally invest sinking funds, moneys, or other funds belonging to them or within their control in obligations of the authority.
[82 Acts, ch 1031, §20]
2012 Acts, ch 1017, §67
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.21 - Annual report.

261A.21 Annual report.
The authority shall keep an accurate account of its activities and shall annually provide a report of its activities to the governor and the members of the general assembly. The report is a public record and open for inspection at the offices of the authority during normal business hours. The report shall include all of the following:
1. Summaries of applications by institutions of higher education for education loan financing assistance presented to the authority during the fiscal year.
2. Summaries of education loan programs which have received any form of financial assistance from the authority during the year.
3. The nature and amount of all assistance.
4. A report concerning the financial condition of the various education loan series portfolios.
5. Projected activities of the authority for the next fiscal year, including projections of the total amount of financial assistance anticipated and the amount of obligations that will be necessary to provide the projected level of assistance during the next fiscal year.
[82 Acts, ch 1031, §21]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.22 - Waiver of competitive bidding.

261A.22 Waiver of competitive bidding.
Competitive bidding requirements of the Code or other similar requirements that may be lawfully waived are waived by this section and any requirement of competitive bidding or other restriction imposed on the procedure for award of contracts is not applicable to action taken under this chapter.
[82 Acts, ch 1031, §22]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.23 - Institution power — interest rates.

261A.23 Institution power — interest rates.
Institutions may borrow money from the authority, make education loans and take all other actions and do things necessary or convenient to consummate the transactions contemplated under this chapter. It is lawful for the authority to establish, charge, contract for, and receive any amount or rate of interest or compensation with respect to authority loans and, subject to rules adopted by the authority, for participating institutions to charge, contract for, and receive any amount or rate of interest or compensation with respect to education loans.
[82 Acts, ch 1031, §23]
Referred to in §261A.24
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.24 - Chapter as alternative method — powers not subject to supervision or regulation.

261A.24 Chapter as alternative method — powers not subject to supervision or regulation.
Sections 261A.1 through 261A.23 provide a complete, additional, and alternative method for the doing of the things authorized by this chapter and the limitations imposed by this chapter do not affect powers or rights conferred by other laws, and the issuance of obligations and refunding obligations under this chapter need not comply with the requirements of any other law applicable to the issuance of obligations. Except as otherwise expressly provided in this chapter, the powers granted to the authority under this chapter are not subject to the supervision or regulation and do not require the approval or consent of a city or political subdivision or department, division, commission, board, body, bureau, official, or agency of a political subdivision or of the state.
[82 Acts, ch 1031, §24]
2020 Acts, ch 1063, §103; 2021 Acts, ch 80, §142
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.25 - Notice.

261A.25 Notice.
The authority shall publish a notice of its intention to issue obligations in a newspaper published in and with general circulation in the state. The notice shall include a statement of the maximum amount of obligations proposed to be issued, and in general terms, what receipts will be pledged to pay bond service charges on the obligations. An action which questions the legality or validity of the obligations or the power of the authority to issue the obligations or the effectiveness or validity of any proceedings adopted for the authorization or issuance of the obligations shall not be brought after sixty days from the date of publication of the notice.
[82 Acts, ch 1031, §25]
Referred to in §261A.6
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.26 - Liberal construction of chapter.

261A.26 Liberal construction of chapter.
This chapter, being necessary for the welfare of the state and its inhabitants, shall be liberally construed to effect its purpose.
[82 Acts, ch 1031, §26]
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.27 - Exercise of powers as essential public function — exemption from taxation.

261A.27 Exercise of powers as essential public function — exemption from taxation.
1. The exercise of the powers granted by this chapter will be in all respects for the benefit of the people of this state, for the increase of their commerce, welfare, and prosperity, and for the improvement of their health and living conditions, and as the operation and maintenance of a program by the authority or its agent will constitute the performance of an essential public function. Income of the authority is exempt from all taxation in the state. Property of the authority, acquired or held for purposes of this chapter, is exempt from all taxation and special assessments in the state if the property was exempt for the fiscal year in which the property was first acquired or held and such property shall continue to be exempt for subsequent fiscal years. Property of the authority, acquired or held for purposes of this chapter, is subject to taxation and special assessments in the state if the property was taxable for the fiscal year in which the property was first acquired or held and such property shall continue to be taxable for subsequent fiscal years.
2. Obligations issued by the authority on or after July 1, 2000, pursuant to either subchapter of this chapter, their transfer, and income therefrom are exempt from taxation of any kind by the state or any political subdivision of the state.
[82 Acts, ch 1031, §27]
2000 Acts, ch 1209, §1; 2017 Acts, ch 54, §37
Referred to in §422.7(2)(m)
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.32 - Legislative findings.

261A.32 Legislative findings.
The general assembly finds:
1. For the benefit of the people of the state of Iowa, the increase of their commerce, welfare, and prosperity, and the improvement of their health and living conditions, it is essential that this and future generations of youth be given the greatest opportunity to learn and to fully develop their intellectual and mental capacities and skills.
2. To achieve these ends it is of the utmost importance that educational institutions within the state be provided with appropriate additional means of assisting the youth in achieving the required levels of learning and development of their intellectual and mental capacities and skills through new or enhanced physical facilities and equipment at these institutions.
3. The financing and refinancing of educational facilities, through means as described in this subchapter, other than the appropriation of public funds to institutions, is a valid public purpose.
85 Acts, ch 210, §2; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.33 - Purpose of subchapter.

261A.33 Purpose of subchapter.
It is the purpose of this subchapter to provide a measure of assistance and an alternative method of enabling institutions in the state to finance the acquisition, construction, and renovation of needed educational facilities, structures and equipment and to refund, refinance, or reimburse outstanding indebtedness incurred by them or advances made by them, including advances from an endowment or any other similar fund, for the construction, acquisition, or renovation of needed educational facilities and structures, whether or not constructed, acquired, or renovated prior to July 1, 1985.
85 Acts, ch 210, §3; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.35 - General power of authority.

261A.35 General power of authority.
The authority is authorized to assist institutions in the constructing, financing, and refinancing of projects, and the authority may take action authorized by this subchapter. The authority is authorized to be a member of limited liability companies organized for the purpose of leasing projects to institutions.
85 Acts, ch 210, §5; 2000 Acts, ch 1209, §3; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.36 - Issuance of obligations.

261A.36 Issuance of obligations.
The authority may issue obligations of the authority for any of its corporate purposes as provided for in this subchapter including the issuing of obligations to finance projects to be leased to an institution, and fund or refund the obligations pursuant to this subchapter.
85 Acts, ch 210, §6; 97 Acts, ch 181, §2; 2000 Acts, ch 1209, §4; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.37 - Loans authorized.

261A.37 Loans authorized.
The authority may make loans to an institution for the cost of a project or in anticipation of the receipt of tuition by the institution in accordance with an agreement between the authority and the institution, except that a loan for the cost of a project shall not exceed the total cost of the project, as determined by the institution and approved by the authority and except that loans in anticipation of the receipt of tuition shall not exceed the anticipated amount of tuition to be received by the institution in the one-year period following the date of the loan. The authority may lease projects to institutions under the terms of lease agreements determined by the institution and the authority, except that the term of the lease shall not exceed the estimated useful economic life of the project. The authority may make loans to an entity other than an institution in accordance with an agreement between the authority and the entity for the cost of a project if the project is to be leased to an institution.
85 Acts, ch 210, §7; 97 Acts, ch 181, §3; 2000 Acts, ch 1209, §5
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.38 - Issuance of obligations — conditions.

261A.38 Issuance of obligations — conditions.
The authority may issue obligations and make loans to an institution or another entity if the project is to be leased to an institution or may issue obligations to finance projects to be leased by the authority to an institution and refund, refinance, or reimburse outstanding obligations, indebtedness, mortgages, or advances, including advances from an endowment or any similar fund, issued, made, or given by the institution, whether before or after July 1, 1985, for the cost of a project, when the authority finds that the financing prescribed in this section is in the public interest, and either alleviates a financial hardship upon the institution, results in a lesser cost of education, or enables the institution to offer greater security for a loan or loans to finance a new project or projects or to effect savings in interest costs or more favorable amortization terms.
85 Acts, ch 210, §8; 97 Acts, ch 181, §4; 2000 Acts, ch 1209, §6
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.39 - General powers — apportionment of costs.

261A.39 General powers — apportionment of costs.
The authority may do all things necessary or convenient to carry out the purposes of this subchapter. The authority may charge to and equitably apportion among participating institutions its administrative costs and expenses incurred in the exercise of the powers and duties conferred on the authority by this subchapter.
85 Acts, ch 210, §9; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.40 - Joint and combination projects.

261A.40 Joint and combination projects.
The authority may undertake a project for two or more institutions jointly or for any combination of institutions, and may combine for financing purposes, with the consent of all of the institutions which are involved, the project and some or all future projects of any institution or institutions, and this subchapter applies to and is for the benefit of the authority and the joint participants. However, the money set aside in a fund or funds pledged for any series or issue of obligations shall be held for the sole benefit of the series or issue separate and apart from money pledged for another series or issue of obligations of the authority. To facilitate the combining of projects, obligations may be issued in series under one or more resolutions or trust agreements and may be fully open-ended, thus providing for the unlimited issuance of additional series, or partially open-ended, limited as to additional series. The authority may permit an institution to substitute one or more projects of equal value, as determined by an independent appraiser satisfactory to the authority, for a project financed under this subchapter on terms and subject to conditions the authority prescribes.
85 Acts, ch 210, §10; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.41 - Expenses.

261A.41 Expenses.
Expenses incurred in carrying out this subchapter are payable solely from funds provided under this subchapter and a liability or obligation shall not be incurred by the authority beyond the extent to which money is provided under this subchapter.
85 Acts, ch 210, §11; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.43 - Resolution provisions.

261A.43 Resolution provisions.
The resolution authorizing obligations or an issue of obligations may contain provisions, which shall be a part of the contract with the holders of the obligations to be authorized, as to:
1. Pledging or assigning the revenue of the project with respect to which the obligations are to be issued or the revenue of other property or facilities.
2. Setting aside reserves or sinking funds, and the regulation, investment, and disposition of them.
3. Limitations on the use of the project.
4. Limitations on the purpose to which or the investments in which the proceeds of sale of an issue of obligations then or thereafter to be issued may be applied and pledging the proceeds to secure the payment of the obligations or an issue of the obligations.
5. Limitations on the issuance of additional obligations, the terms upon which additional obligations may be issued and secured, and the refunding of outstanding obligations.
6. The procedure, if any, by which the terms of any contract with obligation holders may be amended or abrogated, the amount of obligations the holders of which must consent to the amendment or abrogation, and the manner in which the consent may be given.
7. Limitations on the amount of money derived from the project to be expended for operating, administrative, or other expenses of the authority.
8. Defining the acts or omissions to act which constitute a default in the duties of the authority to holders of its obligations and providing the rights and remedies of the holders in the event of a default.
9. Mortgaging a project and the project site or other property for the purpose of securing the obligation holders.
10. Other matters relating to the obligations which the authority deems desirable.
85 Acts, ch 210, §13
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.44 - Obligations secured by trust agreement.

261A.44 Obligations secured by trust agreement.
1. Obligations issued under this subchapter may be secured by a trust agreement by and between the authority and an incorporated trustee, which may be a trust company or bank having the powers of a trust company within or without the state. The trust agreement or the resolution providing for the issuance of the obligations may pledge or assign the revenue to be received or proceeds of any contract pledged and may convey or mortgage the project or any portion of the project.
2. A pledge or assignment made by the authority pursuant to this section is valid and binding from the time that the pledge or assignment is made, and the revenue pledged and thereafter received by the authority is immediately subject to the lien of the pledge or assignment without physical delivery or any further act. The lien of the pledge or assignment is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority irrespective of whether the parties have notice of the lien.
3. The resolution or trust agreement by which a pledge is created or an assignment made shall be filed or recorded in the records of the authority, with the secretary of state, and in each county in which the project is located.
4. The trust agreement or resolution providing for the issuance of the obligations may contain provisions for protecting and enforcing the rights and remedies of the obligation holders as are reasonable and proper, not in violation of law, or provided for in this subchapter. A bank or trust company incorporated under the laws of this state which acts as depository of proceeds of the obligations, revenue, or other money shall furnish the indemnifying obligations or pledge the securities as required by the authority. The trust agreement may set forth the rights and remedies of the obligation holders and of the trustee, and may restrict the individual right of action by obligation holders. The trust agreement or resolution may contain other provisions the authority deems reasonable and proper for the security of the obligation holders.
5. Expense incurred in carrying out the trust agreement or resolution may be treated as a part of the cost of the operation of a project.
85 Acts, ch 210, §14; 2017 Acts, ch 54, §76; 2019 Acts, ch 24, §33
Referred to in §261A.42
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.46 - Obligations not liability of state or political subdivision.

261A.46 Obligations not liability of state or political subdivision.
Obligations issued pursuant to this subchapter are not debts of the state or of any political subdivision of the state or a pledge of the faith and credit of the state or of any political subdivision, but the obligations are limited obligations of the authority payable solely from the funds or securities, pledged for their payment as authorized in this subchapter, unless the obligations are refunded by refunding obligations issued under this subchapter, which refunding obligations shall be payable solely from funds or securities pledged for their payment as authorized in this subchapter. All revenue obligations shall contain on their face a statement to the effect that the obligations, as to both principal and interest, are not obligations of the state, or of any political subdivision of the state, but are limited obligations of the authority payable solely from revenue or securities pledged for their payment. Expenses incurred in carrying out this subchapter are payable solely from funds provided under this subchapter, and this subchapter does not authorize the authority to incur indebtedness or liability on behalf of or payable by the state or any political subdivision of the state.
85 Acts, ch 210, §16; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.47 - Money received by authority.

261A.47 Money received by authority.
All money received by the authority, whether as proceeds from the sale of obligations, from revenue, or otherwise, shall be deemed to be trust funds to be held and applied solely as provided in this subchapter, but prior to the time when needed for use may be invested to the extent and in the manner provided by the authority. The funds shall be deposited, held, and secured as determined by the authority, except to the extent provided otherwise in the resolution authorizing the issuance of the related obligations or in the trust agreement securing the obligations. The resolution authorizing the issuance of the obligations or the trust agreement securing the obligations shall provide that an officer, bank or trust company to which the money is entrusted shall act as trustee of the money and shall hold and apply the money for the purposes of this subchapter, subject to the provisions of this subchapter and of the authorizing resolution or trust agreement.
85 Acts, ch 210, §17; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.48 - Powers of holders and trustees.

261A.48 Powers of holders and trustees.
1. A holder of obligations or of the coupons pertaining to obligations and the trustee under a trust agreement, except to the extent the rights given in this subchapter are restricted by the authorizing resolution or trust agreement, may, by suit, mandamus, or other proceedings, protect and enforce any and all rights under the laws of this state, or under the trust agreement or resolution authorizing the issuance of the obligations, and may enforce and compel the performance of all duties required by this subchapter or by the trust agreement or resolution to be performed by the authority or by an officer, employee, or agent of the authority, including the fixing, charging, and collecting of fees and charges authorized in this subchapter and required by the resolution or trust agreement to be fixed and collected.
2. The rights of holders include the right to compel the performance of all duties of the authority required by this subchapter or the resolution or trust agreement, to enjoin unlawful activities, and in the event of default with respect to the payment of any principal of, premium, if any, and interest on an obligation or in the performance of a covenant or agreement on the part of the authority in the resolution, to apply to a court having jurisdiction of the cause to appoint a receiver to administer and operate the project, the revenue of which is pledged to the payment of the principal of, premium, if any, and interest on the obligations, the receiver to have full power to pay and to provide for payment of the principal of, premium, if any, and interest on the obligations, and to have the powers, subject to the direction of the court, as are permitted by law and are accorded receivers in general equity cases, including the power to foreclose the mortgage on the project in the same manner as the foreclosure of a mortgage on real estate of private corporations, but excluding any power to pledge additional revenue of the authority to the payment of the principal, premium, and interest.
85 Acts, ch 210, §18; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.49 - Bondholders — pledge — agreement of the state.

261A.49 Bondholders — pledge — agreement of the state.
The state pledges to and agrees with the holders of any obligations issued under this subchapter, and with those parties who enter into contracts with the authority pursuant to this subchapter, that the state will not limit or alter the rights vested in the authority until the obligations, together with the interest on the obligations, are fully met and discharged and the contracts are fully performed on the part of the authority, except that this section does not preclude the limitation or alteration if and when adequate provision is made by law for the protection of the rights of the holders of the obligations of the authority or those entering into contracts with the authority.
85 Acts, ch 210, §19; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261A - HIGHER EDUCATION LOAN AUTHORITY (PRIVATE INSTITUTIONS) › Section 261A.50 - Provisions controlling.

261A.50 Provisions controlling.
The powers granted the authority under this subchapter are in addition to the powers of the authority contained in other provisions of this chapter. All other provisions of this chapter apply to obligations issued pursuant to and powers granted the authority under this subchapter, except to the extent they are inconsistent with this subchapter.
85 Acts, ch 210, §20; 2017 Acts, ch 54, §76
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.1 - Policy.

261B.1 Policy.
The general assembly finds that the availability of courses and programs leading to educational degrees and the existence of institutions of postsecondary education that offer courses and programs leading to educational degrees are in the best interest of the state. The general assembly has found that the state can provide protection for persons choosing institutions and programs by ensuring that accurate and complete information about institutions and programs is available to these persons and to the public.
84 Acts, ch 1098, §1
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.2 - Definitions.

261B.2 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Commission” means the college student aid commission created pursuant to section 261.1.
2. “Course of instruction” means a postsecondary educational program that a school offers through in-person instruction, distance delivery, correspondence study methods, or any combination thereof.
3. “Degree” means a postsecondary credential conferring on the recipient the title of associate, bachelor, master, or doctor, or an equivalent title, signifying educational attainment based on study which may be supplemented by experience or achievement testing. A postsecondary degree under this chapter shall not include an honorary degree or other unearned degree.
4. “Presence” means a location in Iowa at which a student participates in any structured activity related to a school’s distance education course of instruction, with the exception of proctored examinations. “Presence” also means an address, location, telephone number, or internet protocol address in Iowa from which a school conducts any aspect of its operations. For the purpose of a residential course of instruction offered on a school’s campus that is not located in Iowa, “presence” does not include:
a. Occasional, short-term activities conducted at a location in Iowa for the purpose of recruiting students for the school’s residential course of instruction.
b. A residency, practicum, internship, clinical, or similar experience that the school permits the student to participate in at a location in Iowa, provided that a person who provides instruction or supervision at the Iowa location is not compensated by the school.
5. “School” means an agency of the state or political subdivision of the state, individual, partnership, company, firm, society, trust, association, corporation, or any combination which meets any of the following criteria:
a. Is, owns, or operates a postsecondary educational institution.
b. Provides a postsecondary course of instruction leading to a degree.
c. Uses in its name the term “college”, “academy”, “institute”, or “university” or a similar term to imply that the person is primarily engaged in the education of students at the postsecondary level, and charges for its services.
6. “Student” means a person who enrolls in or seeks to enroll in a course of instruction offered or conducted by a school.
84 Acts, ch 1098, §2; 96 Acts, ch 1158, §5, 6; 2009 Acts, ch 12, §3, 4; 2012 Acts, ch 1077, §1; 2013 Acts, ch 30, §60
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.3 - Registration.

261B.3 Registration.
1. Except as provided in section 261B.11, a school shall register with the commission if a person compensated by the school conducts any portion of a course of instruction in this state or if the school otherwise has a presence in this state.
a. Registrations shall be renewed every two years and shall be amended upon any substantive change in location, program offering, or accreditation. A school makes a substantive change in a program offering when the school proposes to offer or modify a program that requires the approval of the state board of education or any other state agency authorized to approve the school or its program in this state.
b. Registration shall be made on application forms approved and made available by the commission and at the time and in the manner prescribed by the commission.
2. The commission may require a school to provide additional information the commission deems necessary to evaluate a school’s suitability for registration.
3. The commission shall notify a school in writing of its decision to grant or deny registration and any stipulation associated with the school’s registration.
4. If a school fails to meet any of the registration criteria, or if the commission believes that false, misleading, or incomplete information has been submitted in connection with an application for registration, the commission may deny registration. The commission shall conduct a hearing on the denial if a hearing is requested by a school. Upon a finding after the hearing that the school fails to meet any of the registration criteria, or that information contained in the registration application is false, misleading, or incomplete, the commission shall deny registration. The commission shall make the final decision on each registration. However, the decision of the commission is subject to judicial review in accordance with section 17A.19.
5. The commission shall adopt rules under chapter 17A for the implementation of this chapter.
84 Acts, ch 1098, §3; 96 Acts, ch 1158, §7; 2004 Acts, ch 1145, §4, 5; 2009 Acts, ch 12, §5; 2012 Acts, ch 1077, §2
Referred to in §261B.5, 261B.6
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.3A - Requirements — provisional registration.

261B.3A Requirements — provisional registration.
1. In order to register, a school shall be accredited by an agency or organization approved or recognized by the United States department of education or a successor agency, be approved by any other state agency authorized to approve the school in this state, and, subsequently, be approved for operation by the commission.
2. A practitioner preparation program, as defined in section 272.1, operated by a school that applies to register the program in accordance with this chapter shall, in order to register, be accredited by an agency or organization approved or recognized by the United States department of education or a successor agency, be approved by the state board of education pursuant to section 256.7, subsection 3, and, subsequently, be approved for operation by the commission.
3. The commission may grant a provisional registration to a school that is not accredited by an agency or organization that is recognized by the United States department of education or its successor agency. The commission shall determine the duration of the provisional registration. During the provisional registration period, the school shall, at six-month intervals, submit to the commission documentation of its progress toward achieving accreditation. The commission may renew the school’s provisional registration at its discretion if the documentation submitted indicates that the school is making progress toward accreditation.
4. Nothing in this chapter shall be construed to exempt a school from the requirements of chapter 490, 491, or 714.
96 Acts, ch 1158, §8; 97 Acts, ch 13, §1; 2000 Acts, ch 1095, §17; 2004 Acts, ch 1145, §6; 2009 Acts, ch 12, §6; 2012 Acts, ch 1077, §3
Referred to in §261.2
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.5 - Changes.

261B.5 Changes.
If any information provided to the commission under section 261B.3 or 261B.4 changes, the school shall inform the commission within ninety days of the effective date of the change in the format specified by the commission.
84 Acts, ch 1098, §5; 2009 Acts, ch 12, §8
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.6 - List of schools.

261B.6 List of schools.
The commission shall maintain a list of registered schools and the list and the information submitted under sections 261B.3 and 261B.4 are public records under chapter 22.
84 Acts, ch 1098, §6; 95 Acts, ch 67, §21; 2009 Acts, ch 12, §9
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.7 - Unauthorized representation.

261B.7 Unauthorized representation.
A school or a school’s officials or employees shall not advertise or represent that the school is approved or accredited by the commission or the state of Iowa. However, a registered school shall disclose that the school is registered by the commission on behalf of the state of Iowa and provide the commission’s contact information for students who wish to inquire about the school or file a complaint.
84 Acts, ch 1098, §7; 2009 Acts, ch 12, §10; 2012 Acts, ch 1077, §5
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.8 - Registration fees — postsecondary education fund.

261B.8 Registration fees — postsecondary education fund.
1. The commission shall set by rule and collect a nonrefundable initial registration fee and a renewal of registration fee from each registered school.
2. Fees shall be set by rule not more than once each year and shall be based upon the costs of administering this chapter.
3. A postsecondary registration fund is created in the state treasury under the control of the commission. Fees collected under this section and any other moneys approved by the commission shall be deposited in the postsecondary registration fund. Moneys in the fund are appropriated to the commission and shall be used for any of the purposes set forth in subsection 4. Notwithstanding section 8.33, moneys in the fund shall not revert to the general fund of the state at the end of a fiscal year. Notwithstanding section 12C.7, interest or earnings on moneys in the fund shall be credited to the fund.
4. Moneys in the fund may be used for any of the following purposes:
a. To administer this chapter and chapter 261G.
b. To procure, evaluate, and store school records needed to establish the validity of claims against a school for failure to faithfully perform all contracts and agreements.
c. To pay institutional charges on behalf of Iowans who enrolled at the school.
d. To support an arrangement in which the school provides its current students with the opportunity to complete the students’ courses of study when the school closes, including any activities designed to facilitate the transition of such students to another postsecondary educational institution.
e. To pay private educational loan debt incurred by Iowans for attendance at the school.
f. To reimburse Iowans who enrolled at the school for other financial loss, as determined by the commission.
g. For other purposes prescribed by rule by the commission.
84 Acts, ch 1098, §8; 96 Acts, ch 1158, §11; 2004 Acts, ch 1145, §7; 2009 Acts, ch 12, §11; 2014 Acts, ch 1063, §3; 2021 Acts, ch 158, §1, 2
Referred to in §261G.5
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.9 - Disclosure to students.

261B.9 Disclosure to students.
Prior to the commencement of a course of instruction and prior to the receipt of a tuition charge or fee for a course of instruction, a school shall provide written disclosure to students of the following information accompanied by a statement that the information is being provided in compliance with this section:
1. The name or title of the course.
2. A brief description of the subject matter of the course.
3. The tuition charge or other fees charged for the course. If a student is enrolled in more than one course at the school, the tuition charge or fee for all courses may be stated in one sum.
4. The refund policy of the school for the return of the refundable portion of tuition, fees, or other charges. If refunds are not to be paid, the information shall state that fact.
5. Whether the credential or certificate issued, awarded, or credited to a student upon completion of the course or the fact of completion of the course is applicable toward a degree granted by the school and, if so, under what circumstances the application will be made.
6. The name of the accrediting agency recognized by the United States department of education or its successor agency which has accredited the school.
7. The disclosures required by the department of education for an out-of-state school that the state board of education approves to offer a practitioner preparation program by distance delivery method.
84 Acts, ch 1098, §9; 2000 Acts, ch 1095, §19; 2012 Acts, ch 1077, §6, 7; 2013 Acts, ch 30, §61
Referred to in §261B.4
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.11A - Ineligibility for state student aid programs.

261B.11A Ineligibility for state student aid programs.
1. Students attending schools required to register under this chapter are ineligible for state student financial aid programs established under chapter 261.
2. A school required to register under this chapter is prohibited from offering state aid or advertising that state aid is or may be available to students attending the school.
2012 Acts, ch 1077, §9
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.11B - Voluntary registration.

261B.11B Voluntary registration.
A school or other postsecondary educational institution that is exempt under section 261B.11 may voluntarily register under this chapter in order to comply with chapter 261G or for purposes of institutional eligibility under
34 C.F.R. §600.9(a)
.
2014 Acts, ch 1063, §4; 2015 Acts, ch 29, §40
Referred to in §261.2, 261G.2, 261G.5
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.12 - Violations — enforcement.

261B.12 Violations — enforcement.
1. When the commission or the commission’s designee believes a school is in violation of this chapter, the commission shall order the school to show cause why the commission should not issue a cease and desist order to the school.
2. After the school’s response to the show cause order has been reviewed by the commission, the commission may issue a cease and desist order to the school if the commission believes the school continues to be in violation of this chapter. If the school does not cease and desist, the commission may seek judicial enforcement of the cease and desist order in any district court.
3. A violation of this chapter constitutes an unlawful practice pursuant to section 714.16.
84 Acts, ch 1098, §12; 2009 Acts, ch 12, §14
See also §714.17 – 714.25
2023 Iowa Code › Title VII - EDUCATION AND CULTURAL AFFAIRS › Chapter 261B - REGISTRATION OF POSTSECONDARY SCHOOLS › Section 261B.13 - Prohibition.

261B.13 Prohibition.
1. Notwithstanding any other provision in this chapter, a school or other entity that grants a degree shall not conduct any portion of a course of instruction or any aspect of its operations or otherwise establish a presence in this state if, with the exception of a school that qualifies for an exemption under section 261B.11, subsection 1, paragraph “h”, the school or other entity is not accredited by an accrediting agency recognized by the United States department of education.
2. A school registered under this chapter or otherwise authorized to operate under the laws of this state shall not enter into an agreement to conduct a course of instruction, confer a degree, or conduct any other aspect of its operation with another school that is in violation of this section.
3. This section shall not apply to a foreign medical school that is accredited by a foreign entity recognized by the national committee on foreign medical education and accreditation.
2016 Acts, ch 1071, §1