TITLE 16
Education
CHAPTER 16-62
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
loan.
(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.)
