49-4-401 - Loan guarantees authorized.
49-4-401. Loan guarantees authorized.
(a) The Tennessee student assistance corporation, referred to in this part as TSAC, is given full power and authority to guarantee one hundred percent (100%) of any student loan, or one hundred percent (100%) of any loan made to a student's parent under the provisions of the federal Higher Education Act of 1965, compiled in 20 U.S.C. § 1001 et seq.
(b) Loans guaranteed by TSAC shall be evidenced by a note or contract that is valid and fully enforceable in a court of law or equity.
(c) A student receiving a loan guarantee provided by the corporation shall be without recourse to plead minority in any court of law or equity.
(d) The total reserve funds available for purposes of parts 2 and 3, this part and parts 5-7 of this chapter shall be maintained at least at the minimum level required by the federal Higher Education Act of 1965.
[Acts 1974, ch. 620, §§ 9, 10; T.C.A., §§ 49-5009, 49-5010; Acts 1982, ch. 861, § 4; T.C.A., §§ 49-50-109, 49-50-110; Acts 1993, ch. 165, § 1; 2000, ch. 624, § 1.]