reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 19A - Apprenticeship Assistance › Section 21-19A-13 - Status of recommendations.

A. Recommendations of the advisory committee submitted to the division shall be acted on and either accepted or rejected.
B. A recommendation that is rejected shall be returned immediately to the advisory committee accompanied by written notice of the reasons for rejecting the recommendation. Upon such notice, the division and the advisory committee shall meet within fifteen days to resolve the issue, but if no resolution of the recommendation is made, then the secretary of workforce solutions shall decide the matter. The secretary's decision shall be final.
History:
Laws 1992, ch. 93, § 13; 2014, ch. 51, § 9.
ANNOTATIONS
The 2014 amendment,
effective July 1, 2014, changed the names of governmental entities to move the administration of the Apprenticeship Assistance Act to the workforce solutions department; in Subsection B, in the second sentence, after "made, then the", deleted "superintendent of public instruction" and added "secretary of workforce solutions".
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 20 - Travel Service Training › Section 21-20-1 - Short title.

This act [21-20-1 to 21-20-4 NMSA 1978] may be cited as the "Travel Service Training Act".
History:
1953 Comp., § 73-45-1, enacted by Laws 1973, ch. 339, § 1.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 20 - Travel Service Training › Section 21-20-2 - Purpose of act.

It is the purpose of the Travel Service Training Act to assist in providing education, both academic and vocational, for persons employed or seeking employment in the tourist service industries in New Mexico, in order to ensure that the visiting public will receive the most efficient and courteous service possible.
History:
1953 Comp., § 73-45-2, enacted by Laws 1973, ch. 339, § 2.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States § 207.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 20 - Travel Service Training › Section 21-20-3 - Cooperation.

Under the coordination of the commerce and industry department the educational institutions of the state, at all levels, shall cooperate in order to provide courses and programs designed to fulfill the purposes of the Travel Service Training Act.
History:
1953 Comp., § 73-45-3, enacted by Laws 1973, ch. 339, § 3; 1977, ch. 245, § 231.
ANNOTATIONS
Compiler's notes.
— The provisions relating to the commerce and industry department (former 9-2-1 to 9-2-13 NMSA 1978) were repealed by Laws 1983, ch. 297, § 33. For present provisions,
see
9-15-1 NMSA 1978 et seq. and 9-16-1 NMSA 1978 et seq., relating to new departments which have assumed many of the functions of the commerce and industry department.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 20 - Travel Service Training › Section 21-20-4 - Duties.

The commerce and industry department shall:
A. provide additional training at the local level for persons currently employed in restaurants, hotels, motels, motor vehicle service facilities and other retail establishments oriented toward tourism;
B. upgrade, through university-level programs, management capabilities of persons currently operating establishments oriented toward tourism; and
C. continue an existing training program for persons working in establishments oriented toward tourism.
History:
1953 Comp., § 73-45-4, enacted by Laws 1973, ch. 339, § 4; 1977, ch. 245, § 232.
ANNOTATIONS
Compiler's notes.
— The provisions relating to the commerce and industry department (former 9-2-1 to 9-2-13 NMSA 1978) were repealed by Laws 1983, ch. 297, § 33. For present provisions,
see
9-15-1 NMSA 1978 et seq. and 9-16-1 NMSA 1978 et seq., relating to new departments which have assumed many of the functions of the commerce and industry department.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
81A C.J.S. States § 207.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-1 - Short title.

This act [21-21-1 to 21-21-13 NMSA 1978] may be cited as the "Student Loan Act".
History:
1953 Comp., § 73-38-1, enacted by Laws 1970, ch. 82, § 1.
ANNOTATIONS
Cross references.
— For Medical Student Loan for Service Act,
see
21-22-1 NMSA 1978 et seq.
For Teacher Loan for Service Act,
see
21-22E-1 NMSA 1978 et seq.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-2 - Definitions.

As used in the Student Loan Act:
A. "participating institution" means any post-high school educational institution within the state, public or private, including junior colleges and vocational schools, which qualifies as an eligible institution for the federal guaranteed-loan program under the Higher Education Act of 1965, as amended, and participating in student loan programs under the Student Loan Act, or any educational institution not within the state attended by a qualified student for the purpose of participating in the student exchange programs administered by the western interstate commission for higher education as provided for by the Western Regional Education Compact [11-10-1 NMSA 1978];
B. "qualified student" means a resident of New Mexico who has been accepted for enrollment or who is enrolled in a participating institution and who is otherwise eligible for a student loan guaranteed by the United States. A standard of academic performance higher than the minimum required for continuing enrollment in the participating institution shall not be required, and the student must be meeting the minimum academic requirements of the participating institution at the time any loan is made; and
C. "fiscal agent" means the chief financial officer of one of the state higher educational institutions designated by the board of educational finance [commission on higher education [higher education department]].
History:
1953 Comp., § 73-38-2, enacted by Laws 1970, ch. 82, § 2; 1973, ch. 174, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Cross references.
— For the federal Higher Education Act of 1965,
see
20 U.S.C. § 1001 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15A Am. Jur. 2d Colleges and Universities § 17; 63A Am. Jur. 2d Public Officers and Employees § 351.
14A C.J.S. Colleges and Universities § 29; 81A States § 134.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-3 - Student loan fund; loan authority.

There is created in the state treasury the "student loan fund". The state treasurer may use the student loan fund to:
A. purchase, from the fiscal agent, loans guaranteed by the United States made to qualified students at participating institutions; and
B. purchase from lending agencies located in New Mexico student loan notes guaranteed by the United States made to qualified students who at the time of the loan were attending participating institutions and who are currently attending participating institutions and who are also borrowers from the student loan fund. The fiscal agent and the state board of educational finance [commission on higher education [higher education department]] shall approve the purchase of student loan notes. The purchased student loan notes shall be delivered to the state treasurer as collateral for the student loan fund.
History:
1953 Comp., § 73-38-3, enacted by Laws 1970, ch. 82, § 3; 1972, ch. 49, § 1.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States § 135.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-4 - Conditions of loan.

The amount of any loan to a qualified student shall be determined according to regulations promulgated by the state board of educational finance [commission on higher education [higher education department]]. No payment shall be made to any qualified student until he has executed a note, guaranteed by the United States and payable to the student loan sinking fund, for the full amount of the loan and applicable interest. For the purpose of the Student Loan Act, a qualified student has the capacity to contract and is bound by any contract executed by him; the defense that he was a minor at the time he executed a note is not available to him in any action arising on his note. Payments to qualified students executing notes may be made annually, semiannually, quarterly, monthly or for each semester as determined by the participating institution, depending upon the demonstrated capacity of the student to manage his financial affairs. The rate of interest charged the student shall be the maximum authorized by federal regulations. Disbursements may be made to a participating institution pursuant to a contract between the fiscal agent and the participating institution executed under the Student Loan Act.
History:
1953 Comp., § 73-38-4, enacted by Laws 1970, ch. 82, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Constitutionality of statute authorizing state to loan money or engage in business of a private nature, 14 A.L.R. 1151, 115 A.L.R. 1456.
Validity, construction, and application of statutes, regulations, or policies allowing denial of student loans, student loan guarantees, or educational services to debtors who have had student loans scheduled in bankruptcy, 107 A.L.R. Fed. 192.
Applicability to obligations of nonstudent co-obligors of exception to discharge in bankruptcy for educational loans under 11 USCS § 523(a)(8), 120 A.L.R. Fed. 609.
81A C.J.S. States §§ 155, 208, 225.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-5 - Duties of the fiscal agent.

A. The fiscal agent shall accumulate individual loan applications from the several participating institutions and shall submit these applications to the appropriate federal office for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to each academic term. Upon receipt of an accumulation of guaranteed notes, the fiscal agent shall report their sum total to the state board of educational finance [commission on higher education [higher education department]] which shall then verify the need for funding and certify the need to the state board of finance as provided in the Student Loan Act. Upon request, the fiscal agent shall deposit the guaranteed notes with the state treasurer as collateral for the student loan fund.
B. Upon receipt of funds from the state treasurer, the fiscal agent shall disburse, to each of the participating institutions, funds sufficient only to enable payments to those participating students whose loans have been approved and guaranteed or to the lending agency from which student loan notes were purchased. Any funds not so disbursed shall be returned to the fiscal agent by the participating institution.
C. The fiscal agent shall collect interest payments and interest subsidies paid on behalf of the qualified student by the United States and shall also collect all interest and principal payments made by the student under the terms of his obligation to the student loan fund. When any person who has received a loan fails to make payments due in accordance with an executed note, the fiscal agent may declare the full amount of remaining principal and interest due and payable immediately. In the event of default of payment, the fiscal agent shall undertake collection, and in the event of failure to collect after such reasonable efforts as are prescribed by federal regulations, shall file a claim for payment under the terms of the federal guarantee. All payments received by the fiscal agent shall be remitted to the state treasurer for the credit of the student loan fund.
D. Accounts of the fiscal agent shall be audited annually by the state auditor.
History:
1953 Comp., § 73-38-5, enacted by Laws 1970, ch. 82, § 5; 1972, ch. 49, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63A Am. Jur. 2d Public Officers and Employees § 14.
81A C.J.S. States §§ 134, 135.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-6 - Reimbursement of the fiscal agent.

The fiscal agent shall be reimbursed by the board of educational finance [commission on higher education [higher education department]] for the expense connected with his duties under the terms of an agreement negotiated annually by the board of educational finance with the approval of the board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to the board of educational finance for the cost of administering the student loan program shall be made from the general fund. Any part of this appropriation not needed for the reimbursement of the fiscal agent shall revert to the general fund at the end of each fiscal year.
History:
1953 Comp., § 73-38-6, enacted by Laws 1970, ch. 82, § 6.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63A Am. Jur. 2d Public Officers and Employees §§ 460 to 464.
67 C.J.S. Officers and Public Employees § 225.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-7 - Certification of the board of educational finance [commission on higher education].

Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Act, the board of educational finance [commission on higher education [higher education department]] shall certify to the state treasurer the demonstrated need for disbursement from the student loan fund. The state treasurer shall then disburse the needed funds to the fiscal agent. If the need for disbursement exceeds the balance in the student loan fund, the board of finance shall determine the requirements of the fund for income from the sale of revenue bonds.
History:
1953 Comp., § 73-38-7, enacted by Laws 1970, ch. 82, § 7.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63 Am. Jur. 2d Public Funds § 63.
81A C.J.S. States § 225.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-9 - Refunding bonds.

Upon recommendation of the state treasurer, the state board of finance may, be [by] resolution, provide for the issuance of refunding bonds to refund any outstanding bonds issued under the Student Loan Act, together with accrued interest thereon. Provisions governing the issuance and sale of bonds under the Student Loan Act govern the issuance and sale of refunding bonds insofar as applicable. Refunding bonds may be exchanged for the outstanding bonds or may be sold and the proceeds used to retire the outstanding bonds.
History:
1953 Comp., § 73-38-9, enacted by Laws 1970, ch. 82, § 9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 261 to 269, 445.
Right to call governmental bonds in advance of their maturity, 109 A.L.R. 988.
Governmental unit's power to issue bonds as implying power to refund them, 1 A.L.R.2d 134.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-10 - Legal investments; tax exemptions.

All bonds issued under the Student Loan Act are legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees and guardians, and for the sinking funds of political subdivisions, departments, institutions and agencies of the state. When accompanied by all unmatured coupons appurtenant thereto, the bonds are sufficient security for all deposits of state funds and of all funds of any board in control at the par value of the bonds. The bonds and the income therefrom, including profits made on the sale thereof, are free from taxation within this state.
History:
1953 Comp., § 73-38-10, enacted by Laws 1970, ch. 82, § 10.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
71 Am. Jur. 2d State and Local Taxation §§ 495, 526.
Constitutional enumeration of subjects of tax exemption as affecting power of legislature to free government securities or property from taxation, 9 A.L.R. 436.
84 C.J.S. Taxation § 260.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-11 - Proceeds from bond sale.

All proceeds from the sale of bonds under the Student Loan Act, except amounts set aside as reserves and the expenses of selling the bonds, which may also be paid from the proceeds, shall be deposited with the state treasurer for credit to the student loan fund.
History:
1953 Comp., § 73-38-11, enacted by Laws 1970, ch. 82, § 11.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-12 - Repayment of bonds.

All money received by the state treasurer as repayment of student loans granted under the Student Loan Act and interest on the loans shall be credited to the "student loan sinking fund" in the state treasury, except that an amount determined as described in Section 6 [21-21-6 NMSA 1978] of the Student Loan Act shall be credited to the general fund to reimburse the state for operating expenses of the fiscal agent under the Student Loan Act. The resolution authorizing the issuance of the bonds may provide for deposit from bond proceeds of not to exceed twenty-four months' interest, and may provide for use of bond proceeds as a reserve for the payment of principal and interest on the bonds. The state treasurer shall pay or cause to be paid from the student loan sinking fund the principal and interest on the bonds as they mature and come due.
History:
1953 Comp., § 73-38-12, enacted by Laws 1970, ch. 82, § 12.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations §§ 197, 198.
11 C.J.S. Bonds § 59 et seq.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-13 - Investment of funds.

A. Money in the student loan sinking fund and money in the student loan fund in excess of the amount necessary for student loans may be invested by the state treasurer in:
(1) direct obligations of, or obligations whose principal and interest are guaranteed by, the United States;
(2) direct obligations of, or participation certificates guaranteed by, the federal intermediate credit bank, federal land banks, federal national mortgage association, federal home loan banks or banks for cooperatives;
(3) certificates of deposit of any bank or trust company whose deposits are fully secured by a pledge of securities of any kind specified in this subsection; and
(4) bonds of the state or its political subdivisions.
B. Money in the student loan sinking fund may be invested only in obligations which are scheduled to mature prior to the date the money must be available for its intended purpose.
C. All investments under this section may be sold at the prevailing market price. Income from these investments shall be credited to the student loan sinking fund.
History:
1953 Comp., § 73-38-13, enacted by Laws 1970, ch. 82, § 13.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
64 Am. Jur. 2d Public Securities and Obligations § 119.
81A C.J.S. States § 225.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-14 - Short title.

Sections 1 through 11 [21-21-14 to 21-21-24 NMSA 1978] of this act may be cited as the "Student Loan Guarantee Act".
History:
1978 Comp., § 21-21-14, enacted by Laws 1978, ch. 110, § 1.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-15 - Purpose.

The purpose of the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] is to establish a student loan guarantee program for post-high school students in accordance with such conditions as the board of educational finance may from time to time prescribe and consistent with Title IV, Part B, of the federal Higher Education Act of 1965, as amended; Title 45, Part 177, of the Code of Federal Regulations; and agreements with the United States commissioner of education pertaining thereto.
History:
1978 Comp., § 21-21-15, enacted by Laws 1978, ch. 110, § 2.
ANNOTATIONS
Cross references.
— For Title IV, Part B, of the federal Higher Education Act of 1965,
see
20 U.S.C. § 1071 et seq.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-16 - Definitions.

As used in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]:
A. "board" ["commission" ["department"] means the board of educational finance [commission on higher education [higher education department]];
B. "eligible student" means a resident of New Mexico who has been accepted for enrollment or who is enrolled in a participating institution and who is otherwise eligible for a student loan guaranteed under the Student Loan Guarantee Act. A standard of academic performance higher than the minimum required for continuing enrollment in the participating institution shall not be required, and [but] the student must be meeting the minimum academic requirements of the participating institution at the time any loan is made;
C. "fiscal agent" means the chief financial officer of one of the state higher educational institutions designated by the board;
D. "loans" means loans made by the fiscal agent to residents of this state under Title IV, Part B, of the federal Higher Education Act of 1965, as amended;
E. "participating institution" means any post-high school educational institution within or without the state, public or private including junior colleges and vocational schools, which qualifies as an eligible institution for the federal guaranteed-loan program under the federal Higher Education Act of 1965, as amended, and which is approved by the board for the purposes of the Student Loan Guarantee Act; and
F. "resident" means a person who has established legal residency in New Mexico as defined by the board.
History:
1978 Comp., § 21-21-16, enacted by Laws 1978, ch. 110, § 3.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Cross references.
— For the federal Higher Education Act of 1965,
see
20 U.S.C. § 1001 et seq.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-17 - Loan guarantees; powers and duties of board.

The board [commission [department]] shall be the guarantor under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and shall have the following powers in furtherance of the guarantee loan [guaranteed-loan] program:
A. to guarantee the loan of money, upon such terms and conditions as the board may prescribe, to residents of this state who are attending or have been accepted for enrollment at an institution of higher education in this state or elsewhere, for the purpose of meeting expenses of higher education; provided, that such guarantees shall not be payable from funds received or to be received from state taxation. Loans may be guaranteed in amounts not to exceed the yearly or aggregate totals authorized by the federal Higher Education Act of 1965, as amended;
B. to sue and be sued in the name of the board;
C. to adopt rules and regulations governing the guarantee of loans and any other matters relating to the activities of the board in connection with the Student Loan Guarantee Act;
D. to perform such other acts as may be necessary or appropriate in connection with the guarantee of loans;
E. to require that any loan guaranteed under the Student Loan Guarantee Act shall be repaid in such manner and at such time as the board prescribes;
F. to enter into such participation contracts, contracts for administrative services and guarantee agreements with the fiscal agent, with any other governmental agency of this state and any agency of the United States, including agreements for federal reinsurance of losses resulting from the bankruptcy, death, default or total and permanent disability of student borrowers, as are necessary or incidental to the performance of its duties and to carry out its functions under the Student Loan Guarantee Act;
G. to receive and accept from any agency of the United States or from any individual, association or corporation, gifts, grants or donations of money for the purposes of the guaranteed-loan program;
H. to participate in any federal governmental program for guaranteed loans or subsidies to students and to receive, hold and disburse funds made available by any agency of the United States for the purpose or purposes for which they are made available;
I. to pay the federal government a portion of those funds obtained by the board from collection and recoupment of losses on defaulted loans in such amounts and in such manner as provided by any federal reinsurance agreement; and
J. to contract with private business concerns in any attempt to make recovery on defaulted loans.
History:
1978 Comp., § 21-21-17, enacted by Laws 1978, ch. 110, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Cross references.
— For the federal Higher Education Act of 1965,
see
20 U.S.C. § 1001 et seq.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-18 - Fund created; method of payment.

A. The state treasurer shall create a suspense account in the state treasury to be known as the "student loan guarantee fund" for the purpose of insuring student loans held by the fiscal agent. The student loan guarantee fund shall be held in trust and invested by the state treasurer in accordance with law.
B. There may be deposited in the student loan guarantee fund:
(1) receipts from the federal government under the federal Higher Education Act of 1965, as amended;
(2) receipts under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] from any other source, except interest earned from investment of the student loan guarantee fund which shall be credited to the general fund, when the receipts may be lawfully used for the purpose of insuring student loans held by the fiscal agent; and
(3) insurance fees charged by the commission on higher education [higher education department].
C. Disbursements from the student loan guarantee fund shall be made upon vouchers signed by the executive director of the commission on higher education [higher education department].
History:
1978 Comp., § 21-21-18, enacted by Laws 1978, ch. 110, § 5; 1989, ch. 324, § 13.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States §§ 155, 203, 208.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-19 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1981, ch. 319, § 24, repealed 21-21-19 NMSA 1978, as amended by Laws 1980, ch. 77, § 1, relating to investment of severance tax permanent fund in student loans, effective July 1, 1981. For present provisions,
see
21-21A-18 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-20 - Conditions of loan.

The amount and conditions of any loan to an eligible student shall be determined according to regulations promulgated by the board [commission [department]]. No payment shall be made to any qualified student until he has executed a note, guaranteed under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978] and payable to the severance tax permanent fund, for the full amount of the loan and applicable interest. For the purpose of the Student Loan Guarantee Act, an eligible student has the capacity to contract and is bound by any contract executed by him; the defense that he was a minor at the time he executed a note is not available to him in any action arising on his note. Payments to eligible students executing notes may be made annually, semiannually, quarterly, monthly or for each semester as determined by the participating institution, depending upon the demonstrated capacity of the student to manage his financial affairs. The rate of interest charged the student shall be the maximum authorized by federal regulations. Disbursements may be made to a participating institution pursuant to a contract between the fiscal agent and the participating institution executed under the Student Loan Guarantee Act.
History:
1978 Comp., § 21-21-20, enacted by Laws 1978, ch. 110, § 7.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-21 - Duties of fiscal agent.

A. The fiscal agent shall accumulate individual loan applications from participating institutions and shall submit these applications to the board [commission [department]] for approval and guarantee. The fiscal agent may fix deadlines for the receipts of applications relative to each academic term. Upon receipt of an accumulation of guaranteed notes, the fiscal agent shall report their sum total to the board [commission [department]] which shall then verify the need for funding and certify the need to the state treasurer as provided in the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]. Upon request, the fiscal agent shall deposit the guaranteed notes with the state treasurer as collateral for the severance tax permanent fund.
B. Upon receipt of funds from the state treasurer, the fiscal agent shall disburse, to each of the participating institutions, funds sufficient only to enable payments to those participating students whose loans have been approved and guaranteed. Any funds not so disbursed shall be returned to the fiscal agent by the participating institution.
C. The fiscal agent shall collect interest payments and interest subsidies paid on behalf of the eligible student by the United States and shall also collect all interest and principal payments made by the student under the terms of his obligation to the severance tax permanent fund. When any person who has received a loan fails to make payments due in accordance with an executed note, the fiscal agent may declare the full amount of remaining principal and interest due and payable immediately. In the event of default of payment, the fiscal agent shall undertake collection and, in the event of failure to collect after such reasonable efforts as are prescribed by the board [commission [department]] and by federal regulations, shall file a claim for payment under the terms of the guarantee. All payments received by the fiscal agent shall be remitted to the state treasurer for proper credit to the severance tax permanent fund or severance tax income fund.
D. Accounts of the fiscal agent shall be audited annually by the state auditor.
History:
1978 Comp., § 21-21-21, enacted by Laws 1978, ch. 110, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-22 - Reimbursement of the fiscal agent.

The fiscal agent shall be reimbursed by the board [commission [department]] for the expenses connected with his duties under the terms of an agreement negotiated annually by the board [commission [department]] with the approval of the state board of finance. Reimbursement shall include a reasonable overhead in addition to direct costs. An annual appropriation to the board for the cost of administering the student loan guarantee program shall be made from the severance tax income fund. Any part of this appropriation not needed for the reimbursement of the fiscal agent shall revert to the severance tax income fund at the end of each fiscal year.
History:
1978 Comp., § 21-21-22, enacted by Laws 1978, ch. 110, § 9.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-23 - Certification of the board of educational finance.

Upon report by the fiscal agent of the accumulated total of guaranteed loans requiring funding under the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978], the board shall certify to the state treasurer the demonstrated need for disbursement from the severance tax permanent fund. The state treasurer shall then disburse the needed funds to the fiscal agent.
History:
1978 Comp., § 21-21-23, enacted by Laws 1978, ch. 110, § 10.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-24 - Reports.

The board [commission [department]] shall make annual reports to the governor and to the legislature, prior to each regular session, of its activities, together with the amount of claims that the fiscal agent has submitted to the board in connection with loan guarantees, and a list of the participating institutions, together with the loan default rates of the respective participating institutions.
History:
1978 Comp., § 21-21-24, enacted by Laws 1978, ch. 110, § 11.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-25 - Collection of student loans; contracts authorized.

The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made pursuant to the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] or the Student Loan Guarantee Act [21-21-14 to 21-21-24 NMSA 1978]. No contract shall be entered into pursuant to this section unless proposals have been sought from two or more qualified firms.
History:
1978 Comp., § 21-21-25, enacted by Laws 1978, ch. 110, § 12.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department,
see
9-25-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21 - Student Loans › Section 21-21-26 - Relationship to Student Loan Act.

No student loans shall be made under the provisions of the Student Loan Act [21-21-1 to 21-21-13 NMSA 1978] subsequent to the effective date of the Student Loan Guarantee Act. It is the intent of the legislature that the Student Loan Act be continued solely for the purpose of administering student loans made under the provisions of the Student Loan Act and for retirement of bonds issued under the Student Loan Act until all such loans are completely paid and all such outstanding bonds are retired.
History:
1978 Comp., § 21-21-26, enacted by Laws 1978, ch. 110, § 14.
ANNOTATIONS
Compiler's notes.
— The phrase "effective date of the Student Loan Guarantee Act" means July 1, 1978, the effective date of Laws 1978, Chapter 110.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-1 - Short title.

Chapter 21, Article 21A NMSA 1978 may be cited as the "Educational Assistance Act".
History:
Laws 1981, ch. 319, § 1; 2005, ch. 201, § 1.
ANNOTATIONS
Cross references.
— For Teacher Loan for Service Act,
see
21-22E-1 NMSA 1978 et seq.
The 2005 amendment,
effective June 17, 2005, added the statutory reference to the act.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-2 - Repealed.

History:
Laws 1981, ch. 319, § 2; 2005, ch. 201, § 2; repealed by Laws 2011, ch. 168, § 10.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 168, § 10 repealed 21-21A-2 NMSA 1978, as enacted by Laws 1981, ch. 319, § 2, relating to purpose, effective June 17, 2011. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-3 - Definitions.

As used in the Educational Assistance Act:
A. "bond" means any bond, note or other evidence of indebtedness;
B. "educational loan" means a loan for educational purposes made to or for the benefit of qualified persons;
C. "foundation" means a corporation formed pursuant to the provisions of the Educational Assistance Act to provide financial assistance for post-secondary education; and
D. "institution of higher education" means the state institutions of higher education enumerated in Article 12, Section 11 of the constitution of New Mexico or other institution of higher education approved by the foundation.
History:
Laws 1981, ch. 319, § 3; 1989, ch. 19, § 1; 2005, ch. 201, § 3; 2011, ch. 168, § 1.
ANNOTATIONS
The 2011 amendment,
effective June 17, 2011, deleted the definition of "corporation", which referred to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978.
The 2005 amendment,
effective June 17, 2005, deleted in Subsection E the qualification that another institution of higher education must be a state institution recognized by the commission on higher education.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-4 - Repealed.

History:
Laws 1981, ch. 319, § 4; 1989, ch. 19, § 2; repealed by Laws 2011, ch. 168, § 10.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 168, § 10 repealed 21-21A-4 NMSA 1978, as enacted by Laws 1981, ch. 319, § 4, relating to authorization, members, terms, meetings and bylaws of nonprofit guarantee corporations, effective June 17, 2011. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-5 - Nonprofit foundation authorized; purpose.

A majority of the four-year institutions of higher education may form, pursuant to the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], a nonprofit foundation, separate and apart from the state. The purpose of the foundation is to improve the educational opportunities of residents of New Mexico by providing financial assistance to qualified persons, including a program of making, financing, purchasing, holding and selling educational loans, and by servicing educational loan, scholarship, grant, work study and other educational assistance programs.
History:
Laws 1981, ch. 319, § 5; 1989, ch. 19, § 3; 2005, ch. 201, § 4.
ANNOTATIONS
The 2005 amendment,
effective June 17, 2005, deleted the requirement that loans be insured.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
15 Am. Jur 2d Charities §§ 45, 46, 180 to 182, 184.
14 C.J.S. Charities §§ 9, 60 to 64.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-6 - Foundation; board of directors; members; terms; meetings; bylaws.

A. The foundation shall be governed by and all of its functions, powers and duties shall be exercised by a board of directors. After the effective date of this 2011 act, the board sitting prior to the effective date of this 2011 act shall appoint the next successor board and shall establish staggered four-year terms for the members. The board shall consist of the following members:
(1) the state treasurer or the state treasurer's designee;
(2) two members representing post-secondary education;
(3) two members representing lending institutions; and
(4) other members as provided by the foundation bylaws.
B. A vacancy shall be filled by appointment by the board for the unexpired term.
C. The board shall elect a chair and such other officers as it deems necessary.
D. Members of the board shall receive no compensation for their service, but may be reimbursed on a per diem and mileage basis for their actual and necessary expenses reasonably incurred in the performance of their duties as board members, in an amount not exceeding the amount authorized by law for nonsalaried public officers of governmental entities of this state.
E. Board meetings shall be open to the public. The board shall adopt bylaws governing board meetings consistent with the provisions of the Open Meetings Act [Chapter 10, Article 15 NMSA 1978].
F. The foundation shall adopt bylaws, in accordance with the provisions of the Nonprofit Corporation Act [Chapter 53, Article 8 NMSA 1978], governing the conduct of the foundation in the performance of its duties under the Educational Assistance Act and the federal Higher Education Act of 1965, as amended.
History:
Laws 1981, ch. 319, § 6; 1989, ch. 19, § 4; 1995, ch. 201, § 1; 2011, ch. 168, § 3.
ANNOTATIONS
Cross references.
— For the federal Higher Education Act of 1965,
see
20 U.S.C. § 1001 et seq.
The 2011 amendment,
effective June 17, 2011, directed the board of directors sitting prior to June 17, 2011 to appoint the next successor board for staggered terms of four years; restructured the membership of the board of directors by reducing the number of members representing post-secondary education from seven to two members, by eliminating the requirement that members representing post-secondary education be regents and administrators, and by permitting the board to provide for other board members in the foundation's bylaws; and eliminated references to the loan guarantee corporation organized under repealed Section 21-21A-4 NMSA 1978.
The 1995 amendment,
effective June 16, 1995, in Subsection A, substituted "eleven" for "ten", made minor stylistic changes in Paragraphs (2) and (3) and added Paragraph (4), and in Subsection B, inserted "and governing board member" and "or governing board member" in the first sentence and inserted "or by the two-year college representative body making the original appointment" in the second sentence.
2023 New Mexico Statutes › Chapter 21 - State and Private Education Institutions › Article 21A - Educational Assistance › Section 21-21A-8 - Issuance of revenue bonds.

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