261.36 - POWERS.
261.36 POWERS.
The commission shall have necessary powers to carry out its
purposes and duties under this division, including but not limited to
the power to:
1. Sue and be sued in its own name.
2. Incur and discharge debts including the payment of any
defaulted loan obligations which have been guaranteed by the
commission.
3. Make and execute agreements, contracts and other instruments
with any public or private person or agency including the United
States secretary of education.
4. Guarantee loans made by eligible lenders to eligible borrowers
who are, or whose children are, enrolled or will be enrolled at
eligible institutions as at least half-time students as defined by
the commission.
5. Approve educational institutions as eligible institutions upon
their meeting the requirements established by the commission.
6. Approve financial or credit institutions, insurance companies
or other lenders as eligible lenders upon their meeting the standards
established by the commission for making guaranteed loans.
7. Accept appropriations, gifts, grants, loans or other aid from
public or private persons or agencies including the United States
secretary of education.
8. Implement various means of encouraging maximum lender
participation in the Iowa guaranteed loan program. Section History: Early Form
[C71, 73, 75, 77, § 261.5, 261.6; C79, 81, § 261.36; 81 Acts, ch
8, § 13] Section History: Recent Form
83 Acts, ch 101, § 61; 89 Acts, ch 300, § 26; 90 Acts, ch 1168, §
36