§ 20-3-395-2 — Separate fund for loans; fees

(a) The authority shall establish and maintain a separate fund for loans in accordance with this subpart to which shall be credited: (1) State funds appropriated for use for loans under this subpart; (2) Moneys received by gift, donation, or otherwise for loans under this subpart; (3) Outstanding educational loans held by the authority under this subpart; and (4) Principal and interest collected on educational loans held by the authority under this subpart. (b) Beginning with the first fiscal year following the fiscal year in which the fund has a balance of $500,000.00 or more, for each fiscal year, the authority shall determine the amount of moneys available for loans under this subpart and shall determine the applicants who are eligible to receive such loans. The authority shall determine which eligible applicants receive loans by a random selection process in which each eligible applicant has an equal chance of being selected for a loan. (c) The authority shall be entitled to establish a reasonable fee for the processing and collecting of loans made under this subpart. Such fee shall be established by the authority by rule or regulation.

Legislative History

Added by 2008 Ga. Laws 577,§ 2, eff. 7/1/2008.