Statutes > Iowa Statutes > Title 7 - Education and Cultural Affairs > Subtitle 3 - Higher Education > CHAPTER 261 - COLLEGE STUDENT AID COMMISSION > 261.43A - SECURITY INTEREST IN EDUCATION LOANS.

261.43A - SECURITY INTEREST IN EDUCATION LOANS.

        261.43A  SECURITY INTEREST IN EDUCATION LOANS.
         A nonprofit organization qualifying for tax-exempt status under
      the Internal Revenue Code, as defined in section 422.3, that provides
      or acquires education loans in the organization's normal course of
      business shall, notwithstanding any contrary provision of chapter 554
      or other state law, establish and perfect a security interest and
      establish priority over other security interests in such education
      loans by filing in the same manner as provided for perfecting a
      security interest in a student loan pursuant to 20 U.S.C. §
      1082(m)(1)(E).  This section applies to education loans provided
      under this chapter by such nonprofit organizations and other
      education loans provided by such nonprofit organizations.
         Section History: Recent Form
         2002 Acts, ch 1021, §1