§ 694-a. Miscellaneous.
1.No education loan shall be deemed subject\nto section one hundred eight of the banking law, to article nine of the\nbanking law or to any other provisions of law governing the\nqualifications to make loans or the terms or conditions of loans\ndescribed in this part, including, without limitation, the interest\nrates, fees and charges applicable thereto. Neither the corporation nor\nany entity authorized to finance education loans pursuant to the public\nauthorities law shall be subject to any licensing requirements in\nconnection with its education lending activities. No entity shall be\nconsidered a lender for purposes of any other provision of law solely as\na result of its interest in an education loan made under this part.\n 2. Funds may be appropriated to
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§ 694-a. Miscellaneous. 1. No education loan shall be deemed subject\nto section one hundred eight of the banking law, to article nine of the\nbanking law or to any other provisions of law governing the\nqualifications to make loans or the terms or conditions of loans\ndescribed in this part, including, without limitation, the interest\nrates, fees and charges applicable thereto. Neither the corporation nor\nany entity authorized to finance education loans pursuant to the public\nauthorities law shall be subject to any licensing requirements in\nconnection with its education lending activities. No entity shall be\nconsidered a lender for purposes of any other provision of law solely as\na result of its interest in an education loan made under this part.\n 2. Funds may be appropriated to the corporation and/or the state of\nNew York mortgage agency, or other entity authorized to issue bonds\nunder this program, for the administration of this program.\n 3. Interest paid on education loans made under this program shall be\nallowed as a deduction in computing the net taxable income of any such\nperson for purposes of any income or franchise tax imposed by the state\nor any political subdivision thereof.\n 4. Any agreement of an entity authorized to issue bonds under the\npublic authorities law for purposes of this program to acquire education\nloans from a lender shall be subject to the availability to such entity\nof funding for such purpose upon terms and conditions approved by such\nentity and shall not require the expenditure by such entity of funds\nfrom any source other than amounts obtained through the issuance of\nbonds or notes, including earnings thereon, and any appropriations\nthereof.\n 5. The corporation, the state of New York mortgage agency, any lender,\nand any public benefit corporation authorized to issue bonds under the\npublic authorities law for the purposes of this program shall not be\nsubject to Title 5 of the general obligations law with respect to\neducation loans and such education loans shall not be subject to such\ntitle.\n 6. To the extent that the provisions of this part are inconsistent\nwith the provisions of any other part of this article, the provisions of\nthis part shall be controlling.\n