This chapter does not apply to gross income received by nonprofit organizations exempt from federal income tax under section 501(c)(3) of the internal revenue code of 1954, as amended, that:
(1) Are guarantee agencies under the federal guaranteed student loan program or that issue debt to provide or acquire student loans; or
(2) Provide guarantees for student loans made through programs other than the federal guaranteed student loan program.
[ 1998 c 324 § 1; 1987 c 433 § 1.]