Chapter 21, Article 22E NMSA 1978 may be cited as the “Teacher Loan for Service Act”. History: Laws 2001, ch. 288, § 1; 2005, ch. 202, § 1. ANNOTATIONS The 2005 amendment, effective June 17, 2005, added the statutory reference to the act.
The commission [department] shall report annually by January 1 to the governor and the legislature on its activities pursuant to the Teacher Loan for Service Act, including the loans granted, the names and addresses of loan recipients, the teacher preparation programs loan recipients are attending and the names and locations of practice of loan recipients […]
The purpose of the Teacher Loan for Service Act is to proactively address New Mexico’s looming teacher shortage by providing students with the financial means to complete or enhance their post-secondary teacher preparation education. History: Laws 2001, ch. 288, § 2. ANNOTATIONS Effective dates. — Laws 2001, ch. 288, § 11 made the Teacher Loan […]
As used in the Teacher Loan for Service Act: A. “commission” [department] means the commission on higher education [higher education department]; B. “loan” means a payment of money under contract between the commission [department] and a student that defrays the costs incidental to a teacher preparation program offered in a regionally accredited post-secondary educational institution […]
A. The commission [department] may grant a loan to a student deemed qualified by the commission [department] upon such terms and conditions as may be imposed by rule of the commission [department]. B. The commission [department] shall only receive, pass upon and allow or disallow an application for a loan made by a student who […]
The commission [department] may arrange with other agencies for the performance of services required by the provisions of Section 4 [21-22E-4 NMSA 1978] of the Teacher Loan for Service Act. History: Laws 2001, ch. 288, § 5. ANNOTATIONS Bracketed material. — The bracketed material was inserted by the compiler and is not part of the […]
A. Each applicant who is approved for a loan by the commission [department] may be granted a loan in such amounts and for such periods as the commission [department] determines. The loan shall not exceed the necessary expenses incurred while attending a teacher preparation program. B. A loan shall bear interest at the rate of: […]
The general form of the contract shall be prepared and approved by the attorney general and signed by the loan recipient and a designee of the commission [department] on behalf of the state. The commission [department] is vested with full and complete authority and power to sue in its own name for any balance due […]
The “teacher loan for service fund” is created in the state treasury. Money appropriated for loans pursuant to the Teacher Loan for Service Act; earnings from investment of the fund; gifts, grants and donations to the fund; and all payments of principal and interest on loans made pursuant to that act shall be deposited in […]
The commission [department] may cancel a contract between it and a loan recipient for any reasonable cause deemed sufficient by the commission [department]. History: Laws 2001, ch. 288, § 9. ANNOTATIONS Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law. For designation of the commission on […]
