(a) The Board shall adopt rules and regulations and establish policies and procedures that it deems necessary to carry out the purpose of this subchapter. The rules and regulations so adopted shall include provisions relating to borrower eligibility, maximum loan amounts, interest rates, and other charges.

(b) In the case of loans reinsured under the Higher Education Act, the rules and regulations shall conform to the requirements of that act.

(c) Education loans guaranteed, made, financed, serviced, or otherwise administered by the Corporation are exempt from the interest rate and charges limitations of 9 V.S.A. §§ 41a and 42, but those rates and charges shall reflect the Corporation's costs of funds, its costs of education loan financing and servicing, and the risks associated with different types of education loans.

(d) Loans made pursuant to the Higher Education Act by institutions doing business in Vermont shall be made pursuant to this chapter. (Added 1965, No. 198, § 7(b); amended 1967, No. 131, § 8; 1967, No. 371 (Adj. Sess.), § 5, eff. March 27, 1968; 1969, No. 83, § 1, eff. April 18, 1969; 1973, No. 51; 1983, No. 76, § 2; 1987, No. 79, § 2, eff. June 9, 1987; 2003, No. 86 (Adj. Sess.), § 24.)