§ 1679-c. The New York higher education loan program.
1.For purposes\nof this section, the following words and terms shall have the following\nmeaning unless the context shall indicate another or different meaning\nor intent:\n (a) "Corporation" shall mean the New York state higher education\nservices corporation.\n (b) "Education loan" shall mean a loan made under the New York higher\neducation loan program established pursuant to part v of article\nfourteen of the education law.\n 2. In addition to the powers of the authority pursuant to the other\nsections of this title, the authority shall have power:\n (a) To enter into one or more agreements with the corporation, which\nagreement may provide for the securing of education loans in accordance\nwith part V of article fourteen of
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§ 1679-c. The New York higher education loan program. 1. For purposes\nof this section, the following words and terms shall have the following\nmeaning unless the context shall indicate another or different meaning\nor intent:\n (a) "Corporation" shall mean the New York state higher education\nservices corporation.\n (b) "Education loan" shall mean a loan made under the New York higher\neducation loan program established pursuant to part v of article\nfourteen of the education law.\n 2. In addition to the powers of the authority pursuant to the other\nsections of this title, the authority shall have power:\n (a) To enter into one or more agreements with the corporation, which\nagreement may provide for the securing of education loans in accordance\nwith part V of article fourteen of the education law, and to perform or\ncontract for the performance of its obligations under any such\nagreement;\n (b) To make and contract to make and to acquire and contract to\nacquire education loans and to enter into advance commitments for the\npurchase of said education loans;\n (c) Subject to any agreement with bondholders or noteholders, to\ninvest moneys of the authority not required for immediate use, including\nproceeds from the sale of any bonds or notes, in education loans;\n (d) To service and execute contracts for the servicing of education\nloans acquired by the authority pursuant to this title, and to pay the\nreasonable value of services rendered to the authority pursuant to those\ncontracts;\n (e) To prescribe standards and criteria for education loans purchases,\ninsofar as such standards and criteria are not inconsistent with the\napplicable agreement with the corporation;\n (f) Subject to any agreement with bondholders or noteholders, to sell\nany education loans made or acquired by the authority at public or\nprivate sale and at such price or prices and on such terms as the\nauthority shall determine; and\n (g) To establish, revise from time to time, charge and collect such\npremiums or fees in connection with education loans and its\nparticipation in the New York higher education loan program as the\nauthority shall determine.\n 3. The authority shall have the power and is hereby authorized from\ntime to time to issue bonds and notes, including without limitation for\nthe purposes of financing and refinancing education loans and of\nrefunding any bonds or notes issued for such purpose pursuant to part V\nof article fourteen of the education law.\n