Indiana § 21-16-5-1 Secondary market for guaranteed student loans; establishment of
corporation

Indiana Statutes

§ 21-16-5-1 — Secondary market for guaranteed student loans; establishment of corporation

Indiana·Title 21 HIGHER EDUCATION·Art. 16 EARN INDIANA PROGRAM; STUDENT LOANS;·Ch. 5 Secondary Market for Guaranteed Student Loans

The governor may request, on behalf of the state, the establishment of a private nonprofit corporation, with a bipartisan board of directors that meets the requirements of section 1.5 of this chapter, to serve as a secondary market for education loans. If a private nonprofit corporation is established, the governor may designate the corporation to:

(1)serve as the secondary market for education loans; and

(2)act as an eligible lender under a federal program. The corporation must satisfy the conditions imposed by sections 3 through 10 of this chapter, and its articles of incorporation must provide that upon the corporation's liquidation, any surplus funds must be paid to the state. [Pre-2007 Higher Education Recodification Citation: 20-12-21.2-2(a).]

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The governor may request, on behalf of the
state, the establishment of a private nonprofit corporation, with a
bipartisan board of directors that meets the requirements of section 1.5
of this chapter, to serve as a secondary market for education loans. If
a private nonprofit corporation is established, the governor may
designate the corporation to:
(1) serve as the secondary market for education loans; and
(2) act as an eligible lender under a federal program.
The corporation must satisfy the conditions imposed by sections 3
through 10 of this chapter, and its articles of incorporation must
provide that upon the corporation's liquidation, any surplus funds must
be paid to the state.
[Pre-2007 Higher Education Recodification Citation:
20-12-21.2-2(a).]

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