This part shall be known and may be cited as the “Georgia Higher Education Assistance Corporation Act.” The educational loan program provided for in this part may be referred to and cited as the “Georgia Higher Education Loan Program.” History. Code 1933, § 32-3301, enacted by Ga. L. 1980, p. 835, § 2; Ga. L. […]
Legislative findings. The General Assembly finds that the growth and development of this state and nation have been and will undoubtedly remain strongly related to the degree to which educational opportunities are provided to all of their citizens; recognizes that costs associated with postsecondary educational opportunities are substantial when considered in relation to the average […]
As used in this part, the term: “Authority” means the Georgia Student Finance Authority created by Code Section 20-3-313. “Authorized officer” means the chairman, vice-chairman, executive director or president, treasurer, secretary, or other person authorized by this part, resolution of the board of directors, or the bylaws of the corporation to act as an authorized […]
There is created a public authority, a body corporate and politic, to be known as the Georgia Higher Education Assistance Corporation, which shall be deemed to be an instrumentality and a nonprofit public corporation of the state. The corporation created by subsection (a) of this Code section shall be the successor to and a continuation […]
Functions and composition. The corporation shall be governed and all of its corporate powers, duties, and functions shall be exercised by a board of directors. The board of directors shall be composed of the same persons who are serving as members of the board of commissioners of the commission pursuant to Code Section 20-3-234. […]
The executive director of the commission, or president, if designated by such title by the board of commissioners, shall serve as the executive director, or president, if designated by such title by the board of directors, and chief executive officer of the corporation. The executive director shall provide for maintenance of accurate and permanent minutes […]
In addition to all other provisions of this part and in furtherance of the purposes of the corporation, the corporation shall have the following powers, duties, and functions: The corporation shall establish and administer a program of guaranteed educational loans to eligible students and eligible parents, to be known as the Georgia Higher Education Loan […]
The corporation shall maintain a system of accounts in accordance with generally accepted accounting procedures and standard accounting procedures and systems established by the state, where applicable, which shall, among other things, properly identify and account for all funds received by the corporation, the source of such funds, and all expenditures of the corporation. Agency, […]
The state auditor shall make an annual financial audit of the books, accounts, and records of the corporation. The state auditor shall maintain a copy of the audit report on file in his or her office, make copies of the report available for inspection by the general public, and furnish a copy of the report […]
Loan guaranties issued under this part shall not be deemed to constitute a debt, liability, or obligation of, or a pledge of the faith and credit of, the state but shall be payable solely from revenues or assets of the corporation provided for such payment pursuant to paragraph (1) of Code Section 20-3-275. No director […]
The guaranty of the corporation on an educational loan made under this part is conditioned upon exercise of due diligence by the lender and by any subsequent holder of the loan, as may be applicable, in the making of the loan, in the servicing of the loan account, and in the collection of the loan […]
The corporation is authorized to charge and collect insurance premiums on loans in accordance with the federal act and to provide for all matters relative thereto. In the administration of the program, the insurance premium charged may be identified and referred to as a “guaranty fee.” Guaranty fees collected by the corporation shall be credited […]
Corporation billing and report services. Pursuant to the federal act, each lender must submit to the secretary such reports as he may require and must prepare and submit billings for the payment of federal interest subsidies and special allowances due the lender on loans held by the lender when the federal act provides for […]
The corporation is authorized to pay to the lender, on behalf of a student borrower and out of the corporation’s state interest subsidy and loan discount fund, interest accruing on a loan guaranteed by the corporation which is not eligible for payment of the federal interest subsidy provided for in the federal act; provided, however, […]
In order to provide an additional incentive to lenders to broaden their participation in the program and better to assure lenders of receiving a competitive yield on educational loans made under this part, the corporation is authorized to pay to lenders, other than lenders who are schools, a loan discount fee to offset partially initial […]
There are created, but not by way of limitation, the following special funds for the purposes prescribed: Loan guaranty fund. A loan guaranty fund shall be maintained for the security of holders of loans guaranteed by the corporation. The corporation is authorized to guarantee loans pursuant to this part without limitation; provided, however, that […]
No school and no class, type, or group of “eligible institutions,” as such term is defined in the federal act, shall have a vested right to be approved by the corporation as a “school” for purposes of the program, except in accordance with rules and regulations prescribed by the corporation. History. Code 1933, § 32-3318, […]
No lender and no class, type, or group of “eligible lenders,” as such term is defined in the federal act, shall have a vested right to be approved by the corporation as a “lender” for purposes of the program, except in accordance with rules and regulations prescribed by the corporation. History. Code 1933, § 32-3319, […]
It shall not be permissible for any stockholder, director, officer, employee, agent, commissioned salesman, consultant, or other person in the employment of, or who for a valuable consideration serves the interests of, a lender or a school in this state or the corporation, the commission, or the authority to be engaged in this state in […]
The corporation is authorized: To examine and audit accounts and records of lenders and schools relative to educational loans guaranteed by the corporation; To conduct program reviews with appropriate officers and personnel of lenders and schools as may be necessary or appropriate to assure compliance by all parties with this part and the federal act; […]
