§ 694 — Sale of education loans

§ 694. Sale of education loans. 1. The corporation and holders shall\nbe authorized to enter into one or more agreements for the sale of\neducation loans made pursuant to this program.\n 2. Education loan purchases may be financed (i) by bonds issued by the\nstate of New York mortgage agency, or other entity authorized to issue\nbonds for such purpose pursuant to the public authorities law, in an\namount approved by the director of the division of the budget; or (ii)\nby other non-state sources in amounts established pursuant to an\nagreement with the corporation.\n 3. The corporation shall establish the criteria and terms upon which\nlenders may sell education loans subject to the approval of the state of\nNew York mortgage agency or any other entity authorized to issue bonds\nunder this program with respect to loans that are expected to be\nfinanced by such entity.\n