Purchase of student loan notes

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. Amended by Act 2019, No. 384,§ 4, eff. 7/24/2019. Added by Act 2017, No. 824,§ 15, eff. 7/1/2017. 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. Amended by Act 2019, No. 384,§ 4, eff. 7/24/2019. Added by Act 2017, No. 824,§ 15, eff. 7/1/2017.