Section 21-21A-23 - Administration of the student loan act and student loan guarantee act.
21-21A-23. Administration of the student loan act and student loan guarantee act.
A. The fiscal agent designated by the board of educational finance pursuant to the provisions of the Student Loan Act [21-21-1 NMSA 1978] and Student Loan Guarantee Act [21-21-14 NMSA 1978] may enter into an agreement with the foundation for the performance of his duties and responsibilities under those acts.
B. Any existing reserve funds used for the purpose of guaranteeing loans under the Student Loan Guarantee Act shall be transferred to the corporation to be used for the same purpose.
C. At such time as the 1978 series student loan refunding bonds have been fully retired, all funds and uncollected student loan notes remaining with the state treasurer shall be transferred to the foundation to be used for the benefit of the then existing educational loan program.