In addition to the powers enumerated in § 16-62-5, the authority shall have the power:
(1) To lend money to students and to parents of students and to refinance or consolidate eligible loans and education loans previously made to a student or parent by the authority or other lending sources for the purpose of assisting the student in obtaining an education in an eligible institution, including refinancing or consolidating obligations previously incurred by a student or a parent with other lending sources for this purpose and participating in loans to students or parents for this purpose with other lending sources.
(2) To make, acquire, take, or purchase eligible loans and education loans with the proceeds of bonds or notes or any other funds of the authority available for it or any interest or participation in it, in any amount, at any price or prices, and upon any terms and conditions as the authority will determine.
(3) To sell eligible loans held by the authority to governmental or private financial institutions, or to borrow from those financial institutions against the security of these eligible loans in any amounts, at any price or prices, and upon any terms and conditions as the authority shall determine.
(4) To procure insurance of every nature or to enter into agreements with eligible institutions to protect the authority against losses that may be incurred in connection with its property, assets, activities, or the exercise of the powers granted under this chapter.
(5) Subject to a contract with the holders of its bonds or notes, or a contract with the recipient of an eligible loan, when the authority deems it necessary or desirable to consent to the modification, with respect to security, rate of interest, time of payment of interest or principal, or any other term of a bond or note, contract, or agreement between the authority and the recipient or maker of a loan, bond, or note holder, or agency or institution guaranteeing the repayment, purchasing, or selling of an eligible loan.
(6) To engage the services of consultants on a contract basis for rendering professional and technical assistance and advice, and to employ attorneys, accountants, financial experts, and any other advisors, consultants, and agents that may be necessary in its judgment, and to fix their compensation.
(7) To contract for and to accept any gifts, grants, loans, funds, property (real or personal), or financial or other assistance in any form from the United States, or any agency or instrumentality of it, or from the state or any agency or instrumentality of it, or from any other source, and to comply, subject to the provisions of this chapter, with the terms and conditions of it.
(8) To borrow money and to issue bonds and notes and to provide for the rights of the holders of these, and to secure the bonds and notes by assignment, pledge, or granting of a security interest in its property, including, without limitation, all or a part of its interest in eligible loans, education loans, or agreements with eligible institutions with regard to these for the purpose of providing funds to effectuate its purposes under this chapter, including the financing of eligible loans or education loans or for the purpose of refunding any bonds previously issued.
(9) To prescribe rules and regulations deemed necessary or desirable to carry out the purposes of this chapter, including, without limitation, rules and regulations: (i) To ensure compliance by the authority with the requirements imposed by statutes or regulations governing the guaranty, insurance, purchase, or other dealing in eligible loans by federal agencies, instrumentalities, or corporations, and (ii) To set standards of eligibility for educational institutions, students, and lenders and to define residency and all other terms as the authority deems necessary to carry out the purposes of this chapter.
(10) To establish penalties for violations of any order, rule, or regulation of the authority, and a method for enforcing the orders, rules, and regulations.
(11) To set and collect fees and charges in connection with its eligible loans, commitments, and servicing, including, without limitation, reimbursement of the costs of financing by the authority, service charges, insurance premiums, and costs incurred by the authority in carrying out its corporate purposes.
(12) To create and establish any other fund, or funds, that may be necessary or desirable for its corporate purposes.
History of Section.
P.L. 1981, ch. 44, § 1; P.L. 1982, ch. 162, § 2; P.L. 1987, ch. 603, § 1; P.L. 1992, ch. 35, § 1; P.L. 2016, ch. 374, § 1; P.L. 2016, ch. 375, § 1.