§ 6-81-126 - Purchase of student loan note.
6-81-126. Purchase of student loan note.
Prior to purchasing a guaranteed educational loan note under the provisions of this subchapter, the Arkansas Student Loan Authority shall reasonably determine:
(1) That the note represents a loan actually disbursed to a qualified borrower;
(2) That due diligence both in making and collecting the loan has been exercised with respect to that loan;
(3) That such loan meets such other reasonable criteria as may be established from time to time by the authority; and
(4) That no other defects exist affecting the ability of the loan to be guaranteed.