New Mexico § 21-21-18 Fund created; method of payment

New Mexico Statutes

§ 21-21-18 — Fund created; method of payment

New Mexico § 21-21-18

Ch. 21State and Private Education Institutions

Art. 21Student Loans

This text of New Mexico § 21-21-18 (Fund created; method of payment) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 21-21-18 (2026).

Text

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 age

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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].