20-26-1103. Duties of the board. In discharging its duties in relation to the guaranteed student loan program, the board shall:
     (1) act as guarantor on loans of money, upon terms and conditions as the board may prescribe, to assist persons attending or accepted for enrollment at an eligible educational institution to meet their educational expenses;
     (2) approve financial or credit institutions, insurance companies, or other lenders as eligible lenders upon their meeting the standards established by the board for making guaranteed student loans;
     (3) incur and discharge debts, including defaulted loan obligations that have been guaranteed by the board;
     (4) make and execute agreements, contracts, and other instruments with any public or private person or agency, including the United States commissioner of education, for the administration of the guaranteed student loan program;
     (5) contract with a corporation for the operation of the guaranteed student loan program to provide loan approval processing, essential and special loan servicing, preclaims assistance, claim processing and collections, and other services that would promote lender participation and loan availability to students;
     (6) perform any other duties necessary for the administration of the guaranteed student loan program.

     History: En. Sec. 5, Ch. 691, L. 1979; amd. Sec. 2, Ch. 205, L. 1993.