§ 680 — Powers and duties

§ 680. Powers and duties. 1. In furtherance of the purposes set forth\nin this article, the corporation, acting by and through its board, shall\nhave the following additional powers:\n a. To lend money in compliance with applicable federal law and\nregulation, and upon such terms as the board may prescribe (1) to\npersons who are attending or plan to attend colleges or career education\ninstitutions in this state or (2) to persons who are residents of this\nstate and who are attending or plan to attend colleges or career\neducation institutions outside the state or (3) to persons on behalf of\neligible dependents who are attending or plan to attend colleges or\ncareer education institutions in the state or (4) to persons who are\nresidents of this state on behalf of eligible dependents who are\nattending or plan to attend colleges or career education institutions\noutside the state; and\n b. To guarantee the loan of money in compliance with applicable\nfederal law and regulation, and upon such terms as the board may\nprescribe by banks, savings banks, savings and loan associations,\npension funds, credit unions, colleges, career education institutions,\nand insurance companies (1) to persons who are attending or plan to\nattend colleges or career education institutions in this state or (2) to\npersons who are residents of this state and who are attending or plan to\nattend colleges or career education institutions outside the state or\n(3) to persons on behalf of eligible dependents who are attending or\nplan to attend colleges or career education institutions in the state or\n(4) to persons who are residents of this state on behalf of eligible\ndependents who are attending or plan to attend colleges or career\neducation institutions outside the state. Loans under this paragraph are\nmade under the authority of the federal student aid programs; and\n c. To enter into cooperative agreements, subject to the approval of\nthe board of trustees and the director of the budget, with other\nentities, including, but not limited to, other states, the federal\ngovernment, and post-secondary institutions, to establish, administer,\nand operate federal student aid programs. Notwithstanding the provisions\nof paragraphs a and b of this subdivision, the corporation is\nauthorized, pursuant to such cooperative agreements, to provide federal\nstudent aid services to students and families who are not residents of\nNew York state.\n 2. The board shall adopt rules and regulations, consistent with\nfederal and state law, governing the programs administered by the\ncorporation pursuant to this part including, but not limited to the\napplication, granting, payment and repayments of loans made or\nguaranteed by the corporation. Further, the board shall adopt rules and\nregulations consistent with federal and state law governing the\nparticipation of a college or career education institution in the\nprograms established by this part, including procedures for the\nlimitation, suspension or termination of such participation after notice\nand opportunity for a hearing, due to the violation or failure to carry\nout any rule or regulation prescribed by the board.\n 3. The president of the higher education services corporation shall\nensure that information regarding training, employment services and\nemployment opportunities, including opportunities for programs available\nwithout cost through the job opportunities and basic skills program, is\nprovided to any person determined to be a recipient of public\nassistance. The commissioner of social services shall ensure that such\ninformation is made available to the higher education services\ncorporation.\n