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Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-1908. Purchase of student loan notes

Current as of March 28, 2024 | Updated by FindLaw Staff

Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Student Loan Authority Division of the Arkansas Development Finance Authority shall reasonably determine that:

(1) The guaranteed educational loan note or education loan note represents a guaranteed educational loan or education loan actually disbursed to a qualified borrower;

(2) Due diligence both in making and collecting the guaranteed educational loan or education loan has been exercised with respect to that guaranteed educational loan or education loan;

(3) The guaranteed educational loan or education loan meets such other reasonable criteria as may be established from time to time by the Arkansas Development Finance Authority; and

(4) Other defects do not exist affecting the ability of the guaranteed educational loan or education loan to be guaranteed.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-1908. Purchase of student loan notes - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-5-1908/

Read this complete Arkansas Code Title 15. Natural Resources and Economic Development § 15-5-1908. Purchase of student loan notes on Westlaw. Westlaw subscription required.

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