reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.10 - PROCESSING OF ADMINISTRATIVE HEARING REQUESTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Written request: All requests for
				administrative review must be made in writing.
B. Submittal deadline: All requests for
				administrative review must be received at the foundation within 30 days of the
				date of the applicable notice. Failure to submit a request within the
				prescribed time will be deemed a waiver of the opportunity to contest the
				offset and to a hearing.
C.
				Debtor/appellant: The person against whom an educational loan judgment debt is
				claimed shall be known as the "debtor". The person submitting a request for
				administrative review shall be the person whose tax refund has been offset, or
				his or her spouse, and shall be known as the "appellant" in the administrative
				review process.
D. Grounds for
				administrative review: The grounds for administrative review shall be limited
				to the following:
(1) no judgment has been
				filed against the appellant or the appellant's spouse for an educational
				loan;
(2) the judgment has been
				paid in full;
(3) the judgment
				creditor has agreed to accept other arrangements for payment of the judgment
				and the arrangements have been fully complied with;
(4) the amount of the intercepted refund
				exceeds the unpaid balance of the judgment; or
(5) the appellant is entitled to receive all
				or part of the refund regardless of the claimed judgment debt against the
				appellant's spouse based upon New Mexico's community property laws.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.11 - ADMINISTRATIVE HEARINGS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Purpose: The purpose of an administrative hearing is to provide the appellant
				with a fair and equal opportunity to be heard so that the administrative
				hearing officer may be completely informed in the matter and enabled to render
				a proper determination based on all the facts and applicable laws and rules.
				The burden of proof shall be on the appellant to prove by a preponderance of
				the evidence that the appellant is entitled to all or a portion of the tax
				refund.
B. Preliminary conference:
				Upon receipt of a request for an administrative hearing, the administrative
				hearing officer may schedule a preliminary conference, which may be conducted
				by telephone, at which the parties may:
(1)
				identify all of the issues;
(2)
				secure stipulation on those matters not in dispute;
(3) identify witnesses to be called and the
				general subject matter of their testimony;
(4) agree on procedures for exchange of
				information; and
(5) set a date for
				the hearing.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.12 - FINAL DETERMINATION AND NOTICE OF OFFSET

Current through Register Vol. 35, No. 13, July 16, 2024
A. Final determination: A final determination
				occurs:
(1) when the administrative hearing
				officer makes his decision; or
(2)
				if no request for hearing has been properly and timely submitted, thirty days
				following the date of the notice provided in accordance with the foregoing
				Section II [now 5.7.25.9 NMAC]; or
(3) upon informal resolution of any dispute
				as provided in the foregoing Section III H [now Subsection H of 5.7.25.10
				NMAC].
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.13 - CONFIDENTIALITY

Current through Register Vol. 35, No. 13, July 16, 2024
The information obtained by the foundation from the TRD under
				  the Tax Refund Intercept Program Act shall be confidential and shall be used by
				  the foundation only in pursuit of the collection of a judgment debt on an
				  educational loan under the act.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.14 - EXHIBIT A

Current through Register Vol. 35, No. 13, July 16, 2024
Because there is an outstanding educational loan judgment
				  balance which has not been paid, your name has been referred to the New Mexico
				  Taxation and Revenue Department for the collection of this obligation. Any tax
				  refund to which you may be entitled may be retained in full or partial
				  satisfaction of this obligation. This action involving the Taxation and Revenue
				  Department is authorized by the Tax Refund Intercept Program Act, Laws 1985,
				  Ch. 106 Sec. 1 et. Seq., as amended by Laws 1987, Ch. 125 Sec. 1 et.
				  seq.
Our records shows $ _________________ total unpaid judgment
				  balance, including principal, accrued interest, costs and attorney's fees as
				  of_____________, 19_____.
Case Number: Bernalillo County Court Case No.
				  CV___________
Judgment Creditor: _____________________
Social Security No: Date of the Notice
Refund Amount:
Applied to Judgment Balance: ______________________
HEARING REQUEST
If you disagree with this notice, you have the right to a
				  hearing. In order for you to request a hearing, you must return this portion of
				  the notice within 30 days from the date indicated on the notice, and you must
				  indicate to the office below that you are requesting a hearing based on one or
				  more of the following grounds: (1) [---] no judgment has been filed against me
				  for an educational loan in the referenced case; (2) [---] the judgment filed
				  against me in the referenced case has paid in full; (3) [---] the amount of the
				  intercepted refund exceeds the unpaid balance of the judgment filed against me
				  in the referenced case; (4) [---] the judgment creditor has agreed to accept
				  other arrangements for payment of the judgment and I am not in default thereon.
				  FAILURE TO APPLY FOR A HEARING WITHIN 30 DAYS OF THIS NOTICE SHALL BE DEEMED A
				  WAIVER OF ANY CLAIM WITH RESPECT TO THE REFUND.
Your Telephone Number: ______________________________ Best
				  Time to Call ___________________
Send request for hearing to: NEW MEXICO EDUCATIONAL
				  ASSISTANCE FOUNDATION
P. O. BOX 27020, ALBUQUERQUE, NM 87125-7020
TEL. (505) 345-3371
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS › Section 5.7.25.15 - EXHIBIT B

Current through Register Vol. 35, No. 13, July 16, 2024
Because a judgment for an educational loan debt has been
				  filed against your spouse, your name has been referred to the New Mexico State
				  Taxation and Revenue Department for collection of this obligation. Any tax
				  refund to which you may be entitled may be retained in full or partial
				  satisfaction of this obligation. This action applies because you filed jointly
				  for an income tax refund with a spouse who owes the obligation. No debt is
				  claimed against you, however, and you may be entitled to receive all or part of
				  the refund regardless of the claimed judgment balance against your spouse. This
				  action involving the Taxation and Revenue Department is authorized by the Tax
				  Refund Intercept Program Act, Laws 1985, Ch. 106 Sec. 1 et. seq., as amended by
				  Laws 1987, Ch. 125, Sec. 1 et seq.
Our records show $_____________________ total unpaid judgment
				  balance, including principal, accrued interest, costs and attorney's fees as of
				  _______________, 19___.
Case Number: Bernalillo County District Court Case No.
				  CV__________________
Judgment Creditor:
Social Security No. _____________________
Refund Amount: Date of this Notice
Amount of refund to be Applied to Judgment Balance:
				  _____________________
HEARING REQUEST
If you disagree with this notice, you have a right to request
				  a hearing. In order for you to request a hearing, you must return this portion
				  of the notice within 30 days from the date indicated on the notice to the
				  office below, and you must indicate that you are requesting a hearing based on
				  the ground that:
[---] I am entitled to receive all or part of the refund
				  regardless of the claimed judgment debt against my spouse based upon New Mexico
				  Community Property Laws.
FAILURE TO APPLY FOR A HEARING WITHIN 30 DAYS SHALL BE DEEMED
				  A WAIVER OF ANY CLAIM WITH RESPECT TO THE REFUND.
Social Security No:
Your Telephone Number:
Best Time to Call:
Send request for hearing to: New Mexico Educational
				  Assistance Foundation
P. O. Box 27020
Albuquerque, New Mexico, 87125-7020
Tel . (505) 345-3371.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
These regulations shall be of application to those activities
				  of the foundation undertaken by it in connection with the
				  program.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed November 29, 1993] The effective date of these
				  regulations shall be September 23, 1993.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Terms:
A. "Bond" or
				"bonds" means any bond or all of the bonds issued under and at any time
				outstanding pursuant to the indenture.
B. "Certificate of insurance" means a
				certificate of federal loan insurance issued with respect to a student loan by
				the secretary of education pursuant to the provisions of the Higher Education
				Act.
C. "Contract of insurance"
				means the contract of federal loan insurance, dated February 12, 1982, between
				the foundation and the secretary of education, and any amendment thereof which
				is hereafter entered into.
D.
				"Educational Assistance Act" means Sections 21-21A1 to
				21-21A-23
				NMSA 1978, as amended from time to time.
E. "Eligible borrower" means a student,
				parent or other borrower who is eligible under the Higher Education Act to be
				the obligor of a loan for financing a program of post-secondary
				education.
F. "Eligible
				institution" means an "eligible institution" as defined under the Higher
				Education Act which is a "participating school" within the meaning of the
				Higher Education Act.
G. "Eligible
				loan" means a student loan which:
(1) has
				been or will be made to an eligible borrower for the post-secondary education
				of:
(a) a resident of the state attending a
				post-secondary school located within or without the state; or
(b) a resident of a state other than the
				state attending a post-secondary school located within the state;
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.8 - LENDERS CERTIFICATION OF INTENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. For eligible loans originated prior to the
				date of a loan purchase agreement, and which are to be sold to the foundation
				pursuant to such loan purchase agreement, the lender must certify that the
				eligible loans were originated by lender with the reasonable expectation that
				such eligible loans would be acquired by the foundation and not with the intent
				that lender retain ownership of such eligible loans.
B. In fulfilling its obligations under
				paragraph 2.01 [now Subsection A of 5.7.26.8 NMAC] a lender shall:
(1) make available loan applications and
				other documentation, together with qualified loan personnel, at locations
				reasonably accessible to eligible borrowers, and
(2) undertake promotional activities to
				publicize the availability of student loans.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.9 - PURCHASE OF NOTES OR BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
No eligible borrower or any related person thereto within the
				  meaning of Section 144 (a) (3) of the Internal Revenue Code of 1986, as
				  amended, shall purchase, pursuant to any arrangement, formal or informal, any
				  notes, bonds or any other obligations of the foundation in an amount related to
				  such eligible borrower's financed student loans.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.10 - SERVICING OF LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
Student loans purchased by the foundation shall be serviced
				  by the foundation or on behalf of the foundation by a servicer in accordance
				  with such procedures as may be approved by the foundation from time to
				  time.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.11 - MAXIMUM STUDENT LOAN AMOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
The maximum amount of student loans permitted for an eligible
				  borrower shall be determined in accordance with the Higher Education
				  Act.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.12 - INFORMATION TO BE PROVIDED BY LENDERS TO ELIGIBLE BORROWERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. At the time a
				lender makes an eligible loan to an eligible borrower the lender shall provide
				thorough and accurate loan information to the eligible borrower as required by
				the Higher Education Act and the guarantee corporation, which shall include:
(1) the yearly and cumulative maximum amounts
				that may be borrowed by an eligible borrower;
(2) the terms on which repayment will
				begin;
(3) the maximum number of
				years in which the eligible loan must be repaid;
(4) the interest rate that will be repaid,
				and the maximum amount of required monthly payments;
(5) any special options that an eligible
				borrower may have for deferral, cancellation, prepayment, consolidation, or
				other refinancing of the eligible loan;
(6) a definition of default and the
				consequences to the eligible borrower if the eligible borrower should default,
				including a description of any arrangement made with credit bureau
				organizations; and
(7) to the
				extent practicable, the effect of accepting the eligible loan on the
				eligibility of the eligible borrower for other forms of student
				assistance.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 26 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.26.13 - REVISIONS IN REGULATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
These regulations shall be subject to amendment, modification
				  and revision from time to time to conform the same to the provision of the
				  Higher Education Act or for any other purpose. If any such amendment,
				  modification or revision will materially adversely affect the rights of a
				  lender pursuant to a loan purchase agreement which is then in effect or the
				  rights of the holders of then outstanding bonds, such amendment, modification
				  or revision will not be effective with regard to such loan purchase agreements
				  or the holders of such bonds.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Educational Assistance
				  Foundation.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Scope of program regulations. These program rules are binding
				  on alternative loan fund participants.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed October 4, 1995]
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.8 - GENERAL PROVISIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Program
				purpose: The New Mexico alternative loan fund program (NMALF) is an alternative
				loan program designed to supplement the educational financing needs of New
				Mexico students attending eligible schools, or out of state students attending
				New Mexico eligible schools, and their parents. The loan funds are intended to
				pay for the estimated cost of attendance at eligible schools not met by
				estimated financial assistance.
B.
				Participants in the NMALF: Participants in the NMALF include:
(1) lender which provides the funds for the
				loan and manages and operates the NMALF program;
(2) students, borrowers, and credit-worthy
				individuals borrowing to assist students attending eligible schools;
(3) eligible schools.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.9 - THE PROGRAM

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Mininium/maximum loan amounts. The annual loan limits apply to a twelve month
				period. Loans made under the NMALF program will have the following annual
				limits:
(1) the minimum annual amount is
				$1,500.00;
(2) the maximum annual
				amount is the lesser of:
(a) the student's
				estimated cost of attendance for the loan period less the estimated financial
				assistance to be received for the loan period;
(b) the amount of allowable debt after a
				credit analysis is performed by the lender.
(3) The lender reserves the right to limit
				the maximum amount borrowed.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.10 - ELIGIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Student
				eligibili1y requirements: A student is eligible to be a borrower from the NMALF
				program if the student:
(1) is enrolled as at
				least a half-time student at an eligible school; and
(2) is a citizen or permanent alien resident
				of the United States; and
(3) is a
				resident of the state of New Mexico if attending an eligible school outside the
				state of New Mexico, or if not a resident of the state of New Mexico is
				attending an eligible school in the state of New Mexico; and
(4) has satisfied the NMALF program
				requirements; and
(5) is not a
				credit-worthy individual, secures a credit-worthy individual as a
				cosigner.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.11 - PERMISSIBLE CHARGES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Application
				fee: A non-refundable application fee must accompany the NMALF application at
				the time it is submitted to the lender.
B. Fee payable upon origination: The lender
				will charge the borrower a five percent fee payable upon origination as a
				condition of making the loan. This fee will be paid out of the loan
				proceeds.
C. Interest:
(1) Accrual of Interest: Interest will accrue
				daily on the unpaid principal balance of the loan beginning on the date the
				loan is disbursed, and ending on the day the loan is paid in full. Disbursement
				takes place the day the check is mailed to the borrower.
(2) Interest Rate: Interest shall accrue at a
				fixed or variable rate of interest to be established by the lender from time to
				time, and as otherwise set forth in the promissory note.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.12 - MISCELLANEOUS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Amendments:
				These program regulations may be amended or revised by the lender from time to
				time.
B. Headings: The headings
				used in the NMALF program regulations are for convenience only.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 27 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVELOAN FUND PROGRAM REGULATIONS › Section 5.7.27.13 - CREDIT CRITERIA

Current through Register Vol. 35, No. 13, July 16, 2024
A. Debt to
				income test:
(1) The debt to income ratio
				shall not exceed forty percent.
(2)
				Debt is defined as all monthly installment, revolving credit, mortgage
				payments, or rent, and the anticipated monthly payment on the NMALF
				loan.
(3) Income is defined as the
				gross monthly income of the borrower or cosigner including salary, wages,
				interest, dividends, pensions, self-employment income (less expenses),
				commissions, and rental income. The documentation required to support the
				income must include at least one of the following:
(a) prior year's signed tax return;
(b) prior year's W-2/1099, etc.;
(c) signed employment contracts;
(d) letter from CPA;
(e) the last two pay periods
				paystub.
(4) If only one
				spouse applies for an NMALF loan as either a borrower and/or cosigner, but
				filed a joint tax return, there must be documentation to support the allocation
				of income for the spouse who has applied.
Employment can be verified by:
(a) a current paystub;
(b) telephone call to listed employer to
				verify employment.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
New Mexico Educational Assistance
				  Foundation.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.4 - DURATION

Current through Register Vol. 35, No. 13, July 16, 2024
Permanent
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
[Filed October 4, 1995]
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The New Mexico educational assistance foundation ("NMEAF")
				  has adopted program regulations ("program regulations") governing its
				  alternative loan fund program ("program"). A requirement of the New Mexico
				  Educational Assistance Act, Sections
				  21-21A-1
				  et seq. NMSA 1978 ("Act") is that student loans acquired with the proceeds of
				  NMEAF revenue bonds be "insured," and the program regulations require that
				  student loans made under the program be insured privately or through
				  self-insurance. The purpose of these self-insurance regulations is to establish
				  rules and regulations governing the NMEAF's self-insurance for the
				  program.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
[RESERVED]
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.8 - PROGRAM REGULATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The program regulations set forth definitions, credit
				  criteria, due diligence criteria in servicing and collecting the student loans
				  made under the program and other provisions relating to the program, all of
				  which are incorporated in these self-insurance regulations by
				  reference.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.9 - THE SELF-INSURANCE PROGRAM

Current through Register Vol. 35, No. 13, July 16, 2024
A. Loan Insurance Fund: The NMEAF shall
				establish, under the trust indenture and any supplemental trust indenture
				relating to the issuance of bonds under the act to finance the program (the
				"indenture") a loan insurance fund into which shall be deposited, at the
				election of the NMEAF or as required by the terms of any indenture, NMEAF funds
				(which may be derived from bond proceeds if permitted by the indenture) and
				insurance premiums collected from the borrower or netted from the proceeds of
				the student loan made to a borrower under the program. The loan insurance fund,
				to the extent of moneys available therein, shall be used to pay the unpaid
				principal balance and accrued and unpaid interest thereon (the "claim amount")
				with respect to any student loan made under the program upon the happening of
				any of the following events:
(1) if after 18
				months in litigation against the borrower and any co-signer, the borrower has
				not resumed making regularly scheduled payments;
(2) if the NMEAF determines that litigation
				is inappropriate with regard to a specific student loan, after the student loan
				has been delinquent for a period of 150 days;
(3) the debt is discharged as a result of the
				bankruptcy of the borrower and/or the co-signer.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.10 - AMENDMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
These self-insurance regulations may be amended or revised by
				  the NMEAF from time to time.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 28 - NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION ALTERNATIVE LOAN FUND PROGRAM REGULATIONS OF THE SELF-INSURANCE PROGRAM › Section 5.7.28.11 - APPENDIX A

Current through Register Vol. 35, No. 13, July 16, 2024
CERTIFICATE OF INSURANCE:
The undersigned officer of the New Mexico Educational
				  Assistance Foundation (the "Foundation") hereby certifies that the Foundation
				  has insured the following student loan under the Foundation's Self-Insurance
				  Program:
Borrower: __________________________________
Borrower Address: ___________________________
___________________________________________
Loan No.: __________________________________
Date: ______________________________________
Amount: ___________________________________
The undersigned further certifies that the requisite
				  insurance premium relating to the student loan has been ordered to be deposited
				  into the Insurance Loan Fund.
This Certificate is being delivered to Sunwest Bank of
				  Albuquerque, National Association, as trustee, under the Foundation's Trust
				  Indenture dated as of _________, 1995.
DATED: ____________________________
NEW MEXICO EDUCATIONAL ASSISTANCE FOUNDATION
By: _________________________________
Its: _________________________________
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Terms:
A. "Bond" or
				"bonds" means any bond or all of the bonds issued under and at any time
				outstanding pursuant to the indenture.
B. "Certificate of insurance" means a
				certificate of federal loan insurance issued with respect to a student loan by
				the secretary of education pursuant to the provisions of the Higher Education
				Act.
C. "Contract of insurance"
				means the contract of federal loan insurance, dated February 12, 1982, between
				the foundation and the secretary of education, and any amendment thereof which
				is hereafter entered into.
D.
				"Educational Assistance Act" means Sections
				21-21A-1
				to
				21-21A-23
				NMSA 1978, as amended from time to time.
E. "Eligible borrower" means a student,
				parent or other borrower who is eligible under the Higher Education Act to be
				the obligor of a loan for financing a program of post-secondary
				education.
F. "Eligible
				institution" means an "eligible institution" as defined under the Higher
				Education Act which is a "participating school" within the meaning of the
				Higher Education Act.
G. "Eligible
				loan" means a student loan which:
(1) has
				been or will be made to an eligible borrower for the post-secondary education
				of
(a) a resident of the state attending a
				post-secondary school located within or without the state, or
(b) a resident of a state other than the
				state attending a post-secondary school located within the state;
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.8 - LENDERS CERTIFICATION OF INTENT

Current through Register Vol. 35, No. 13, July 16, 2024
A. For eligible loans originated prior to the
				date of a loan purchase agreement, and which are to be sold to the foundation
				pursuant to such loan purchase agreement, the lender must certify that the
				eligible loans were originated by lender with the reasonable expectation that
				such eligible loans would be acquired by the foundation and not with the intent
				that lender retain ownership of such eligible loans.
B. In fulfilling its obligations under
				paragraph 2.01 [now Subsection A of 5.7.29.8] NMAC a lender shall:
(1) make available loan applications and
				other documentation, together with qualified loan personnel, at locations
				reasonably accessible to eligible borrowers, and
(2) undertake promotional activities to
				publicize the availability of student loans.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.9 - PURCHASE OF NOTES OR BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
No eligible borrower or any related person thereto within the
				  meaning of Section 144 (a) (3) of the Internal Revenue Code of 1986, as
				  amended, shall purchase, pursuant to any arrangement, formal or informal, any
				  notes, bonds or any other obligations of the foundation in an amount related to
				  such eligible borrower's financed student loans.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.10 - SERVICING OF LOANS

Current through Register Vol. 35, No. 13, July 16, 2024
Student loans purchased by the foundation shall be serviced
				  by the foundation or on behalf of the foundation by a servicer in accordance
				  with such procedures as may be approved by the foundation from time to
				  time.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.11 - MAXIMUM STUDENT LOAN AMOUNTS

Current through Register Vol. 35, No. 13, July 16, 2024
The maximum amount of student loans permitted for an eligible
				  borrower shall be determined in accordance with the Higher Education
				  Act.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 29 - EDUCATIONAL LOAN PURCHASE PROGRAM REGULATIONS › Section 5.7.29.12 - INFORMATION TO BE PROVIDED BY LENDERS TO ELIGIBLE BORROWERS

Current through Register Vol. 35, No. 13, July 16, 2024
At the time a lender makes an eligible loan to an eligible
				  borrower the lender shall provide thorough and accurate loan information to the
				  eligible borrower as required by the Higher Education Act and the guarantee
				  corporation, which shall include:
A.
				the yearly and cumulative maximum amounts that may be borrowed by an eligible
				borrower;
B. the terms on which
				repayment will begin;
C. the
				maximum number of years in which the eligible loan must be repaid;
D. the interest rate that will be repaid, and
				the maximum amount of required monthly payments;
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Provisions for 5.7.30 NMAC apply to the Education Trust Board
				  and the college savings program
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  21-21K-1
				  through
				  21-21K-7 NMSA
				  1978
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The Education Trust Board is responsible for developing and
				  administering a college savings program under the Education Trust Act in a
				  manner that allows account owners and beneficiaries to obtain and maintain
				  federal tax benefits or treatment provided by the Internal Revenue Code for
				  qualified state tuition programs and exemptions under federal securities laws.
				  The promulgation of these rules is intended to inform the public and provide an
				  orderly procedure to accomplish the board's responsibilities as provided by
				  law.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The following terms shall have the following meanings in
				  this rule:
A.
"Act"
means
				Section
				21-21K-1
				et seq. NMSA 1978.
B.
"Board"
means the education trust board of the state of New
				Mexico.
C.
"Chair"
means the chair of the board or any person acting under the delegated authority
				of the chair.
D.
"College
				investment agreement"
means an agreement between an account owner and
				the board providing for the establishment by the account owner of an account
				within the education trust fund and for the administration of such account for
				the benefit of the account owner and of the beneficiary.
E.
"College savings program"
means the college savings program administered by the board as described in and
				governed by the act and this rule, which may include one or more college
				savings plans.
F.
"Federal
				requirements"
means the provisions of the internal revenue code, as
				amended from time to time, for qualified state tuition programs, and includes
				any promulgated regulations, proposed regulations and any administrative or
				judicial rulings, if such are applicable in the opinion of the chair or board
				counsel.
G.
"Internal Revenue
				Code"
means the Internal Revenue Code of 1986, as amended.
H.
"Members"
means the members
				of the education trust board of the state of New Mexico.
I.
"Program procedures and
				guidelines"
means such operating procedures and guidelines for
				administration of the college savings program, consistent with the act, this
				rule and federal requirements, as may be established by the board.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.8 - EXECUTIVE DIRECTOR AND ADMINISTRATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. The board shall select and hire an
				executive director, based upon a demonstrated history of relevant skills and
				abilities, whose responsibility it shall be to perform such duties as may be
				delegated by the board, including but not necessarily limited to the direction
				and oversight of the day-to-day administration of the education trust
				fund.
B. The executive director
				shall have the authority to act in the areas delegated to the executive
				director by the board.
C. The
				executive director shall select and supervise staff and contractors or
				consultants appointed or retained by the board, and shall perform such other
				functions as may be necessary to supervise, direct, conduct and administer the
				day-to-day duties of the board as authorized by law or by rules and policies
				adopted by the board.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.9 - COLLEGE SAVINGS PROGRAM

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Account applications requirements:
(1) each
				applicant shall submit an application to the board or any agent or contractor
				designated by the board on such forms and with such attachments as the board
				may require;
(2) the application
				shall contain such information as the board may determine to be necessary or
				appropriate to evidence compliance with the federal requirements; and
(3) one person shall be designated as the
				beneficiary for each account.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 30 - EDUCATION TRUST BOARD AND COLLEGE SAVINGS PROGRAM › Section 5.7.30.10 - CONTACT ENTITY INQUIRIES REGARDING THIS ISSUANCE SHOULD BE ADDRESSED TO

Current through Register Vol. 35, No. 13, July 16, 2024
Education Trust Board, State of New Mexico, attention:
				  Executive Director.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Provisions for 5.7.31 NMAC apply to certain practicing public
				  law professionals in New Mexico.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  21-22F-1
				  through
				  21-22F-11,
				  NMSA 1978.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 31, 2007, unless a later date is cited at the end of
				  a section.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of the Public Service Law Loan Repayment
				  Program is to improve access to the justice systems in New Mexico by increasing
				  the number of attorneys in public service employment through a legal education
				  loan repayment program.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Department"
means the New Mexico higher education
				department.
B.
"Committee"
means the public service law advisory
				committee.
C.
"Legal
				education"
means education at an American bar association accredited law
				school and any bar review preparation courses for the state bar
				examination.
D.
"Loan"
means money allocated to defray the costs incidental to a legal education under
				a contract between the federal government or a commercial lender and a law
				school student, requiring either repayment of principal and interest or
				repayment in services.
E.
"Participating attorney"
means an attorney who receives a loan
				repayment award from the department pursuant to the provisions of the public
				service law loan repayment program.
F.
"Public service employment"
means employment with:
(1) an organization
				that is exempt from taxation pursuant to Section 501 (c) (3) of Title 26 of the
				United States Code and that provides for the care and maintenance of indigent
				persons in New Mexico through civil legal services;
(2) the public defender department;
				or
(3) a New Mexico district
				attorney's office.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.8 - HIGHER EDUCATION DEPARTMENT - POWERS AND DUTIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The department may:
(1) grant an award to repay loans obtained
				for legal education expenses of a participating attorney as consideration and
				inducement to the attorney to engage in public service employment;
				and
(2) delegate to other agencies
				or contract for the performance of services required by the provisions of the
				Public Service Law Repayment Program.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.9 - LOAN REPAYMENT PROGRAM ELIGIBILITY AND AWARD CRITERIA

Current through Register Vol. 35, No. 13, July 16, 2024
A. An applicant
				shall be licensed to practice in New Mexico as an attorney and shall declare
				intent to practice as an attorney in public service employment.
B. Prior to submitting an application to the
				public service law loan repayment program, an applicant shall apply to all
				available legal education loan repayment programs offered by the applicant's
				law school for which the applicant qualifies.
C. An applicant who intends to practice as an
				attorney in a public service employment position in which the annual salary
				exceeds an amount to be determined by the department is not eligible for
				participation.
D. Prior to
				receiving a loan repayment award, the applicant shall file with the department:
(1) a declaration of intent to practice as an
				attorney in public service employment;
(2) proof of prior application to all legal
				education loan repayment programs offered by the applicant's law school for
				which the applicant qualifies; and
(3) documentation that includes the
				applicant's total legal education debt, salary, any amounts received by the
				applicant from other law loan repayment programs and other sources of income
				deemed by the department as appropriate for consideration; provided that the
				applicant shall not be required to disclose amounts of income from military
				service.
New Mexico Administrative Code › Title 5 - POST-SECONDARY EDUCATION › Chapter 7 - TUITION AND FINANCIAL AID › Part 31 - PUBLIC SERVICE LAW LOAN REPAYMENT PROGRAM › Section 5.7.31.10 - LOAN REPAYMENT CONTRACT TERMS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The loan repayment award shall be
				evidenced by a contract between the participating attorney and the department
				acting on behalf of the state. The contract shall state the amount of the award
				and the obligations of the participating attorney under the public service law
				loan repayment program, including a minimum three-year period of service,
				quarterly reporting requirements and other policies established by the
				department.
B. A participating
				attorney shall serve a complete year in order to receive credit for that year.
				The credit for a year shall be established by the department but shall not
				exceed seven thousand two hundred dollars ($7,200).
(1) Payments are made quarterly during each
				year of service.
(2) The advisory
				committee will conduct an annual review of eligibility for every participant.
				If participant becomes ineligible, future payments may be terminated.
(3) Once a full year (12 months) of service
				is completed, no penalty which might thereafter be imposed would be assessed
				with respect to the credit amount satisfied by that year of completed
				service.
(4) Once two (2) years of
				service is completed, no penalty which might thereafter be imposed would be
				assessed with respect to the credit amounts satisfied by those two (2) years of
				completed service.