Advanced Search

§16-62-6  Additional general powers. –

Published: 2015

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.



The Rhode Island Student Loan Authority

SECTION 16-62-6

   § 16-62-6  Additional general powers.


In addition to the powers enumerated in § 16-62-5, the authority shall

have the power:

   (1) To lend money to students and to parents of students for

the purpose of assisting the students in obtaining an education in an eligible

institution, including refinancing or consolidating obligations previously

incurred by a student or a parent with other lending sources for this purpose

and participating in loans to students or parents for this purpose with other

lending sources.

   (2) To make, acquire, take, or purchase eligible loans and

education loans with the proceeds of bonds or notes or any other funds of the

authority available for it or any interest or participation in it, in any

amount, at any price or prices, and upon any terms and conditions as the

authority will determine.

   (3) To sell eligible loans held by the authority to

governmental or private financial institutions, or to borrow from those

financial institutions against the security of these eligible loans in any

amounts, at any price or prices, and upon any terms and conditions as the

authority shall determine.

   (4) To procure insurance of every nature or to enter into

agreements with eligible institutions to protect the authority against losses

which may be incurred in connection with its property, assets, activities, or

the exercise of the powers granted under this chapter.

   (5) Subject to a contract with the holders of its bonds or

notes, or a contract with the recipient of an eligible loan, when the authority

deems it necessary or desirable, to consent to the modification, with respect

to security, rate of interest, time of payment of interest or principal, or any

other term of a bond or note, contract, or agreement between the authority and

the recipient or maker of a loan, bond, or note holder, or agency or

institution guaranteeing the repayment, purchasing, or selling of an eligible


   (6) To engage the services of consultants on a contract basis

for rendering professional and technical assistance and advice, and to employ

attorneys, accountants, financial experts, and any other advisors, consultants,

and agents that may be necessary in its judgment, and to fix their compensation.

   (7) To contract for and to accept any gifts, grants, loans,

funds, property (real or personal), or financial or other assistance in any

form from the United States or any agency or instrumentality of it or from the

state or any agency or instrumentality of it or from any other source, and to

comply, subject to the provisions of this chapter, with the terms and

conditions of it.

   (8) To borrow money and to issue bonds and notes and to

provide for the rights of the holders of these, and to secure the bonds and

notes by assignment, pledge, or granting of a security interest in its

property, including without limitation all or a part of its interest in

eligible loans, education loans, or agreements with eligible institutions with

regard to these for the purpose of providing funds to effectuate its purposes

under this chapter including the financing of eligible loans or education loans

or for the purpose of refunding any bonds previously issued.

   (9) To prescribe rules and regulations deemed necessary or

desirable to carry out the purposes of this chapter, including without

limitation rules and regulations: (i) to ensure compliance by the authority

with the requirements imposed by statutes or regulations governing the

guaranty, insurance, purchase, or other dealing in eligible loans by federal

agencies, instrumentalities, or corporations, and (ii) to set standards of

eligibility for educational institutions, students, and lenders and to define

residency and all other terms as the authority deems necessary to carry out the

purposes of this chapter.

   (10) To establish penalties for violations of any order,

rule, or regulation of the authority, and a method for enforcing the orders,

rules, and regulations.

   (11) To set and collect fees and charges in connection with

its eligible loans, commitments, and servicing, including without limitation

reimbursement of the costs of financing by the authority, service charges,

insurance premiums, and costs incurred by the authority in carrying out its

corporate purposes.

   (12) To create and establish any other fund or funds that may

be necessary or desirable for its corporate purposes.

History of Section.

(P.L. 1981, ch. 44, § 1; P.L. 1982, ch. 162, § 2; P.L. 1987, ch. 603,

§ 1; P.L. 1992, ch. 35, § 1.)