Montana Statutes
§ 20-26-1107 — Dissolution -- Disposition Of Money
Montana·Title 20 EDUCATION·Ch. 26 STUDENT FINANCIAL ASSISTANCE·Part 11 Guaranteed Student Loan Program
20-26-1107 . Dissolution -- disposition of money.
(1)The student loan program may not be dissolved until all contractual obligations have been satisfied and all loans have been paid by the borrower or, if in default, by the board or have been otherwise accounted for under Title IV of the Higher Education Act of 1965, as amended.
(2)Upon dissolution of the program or the cessation of the program's activities, all property and money of the board relating to the student loan program not refundable to the federal government as provided by law vest in the state and must be credited to the general fund.
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Legislative History
En. Sec. 9, Ch. 691, L. 1979; amd. Sec. 14, Ch. 243, L. 1997.
Nearby Sections
15
§ 20-26-101
Short Title§ 20-26-102
Purpose -- Legislative Intent§ 20-26-103
Definitions§ 20-26-1101
Definitions§ 20-26-1102
Authorization To Establish Student Loan Program§ 20-26-1103
Duties Of Board§ 20-26-1104
Repealed§ 20-26-1105
Student Loan Account§ 20-26-1106
No State Obligation§ 20-26-1107
Dissolution -- Disposition Of Money§ 20-26-1108
Through 20-26-1110 Reserved§ 20-26-1111
Access To Governmental Records§ 20-26-1112
Through 20-26-1114 Reserved