General Laws of Massachusetts - Chapter 15C Massachusetts College Student Loan Authority
- Massachusetts General Laws - Policy and purpose - Chapter 15C, Section 1
It is declared that for the benefit of the people of the commonwealth, the increase of their commerce, welfare and prosperity and the improvement of...
- Massachusetts General Laws - Short title - Chapter 15C, Section 2
This chapter may be referred to and cited as the “Massachusetts Educational Financing Authority Act”.
- Massachusetts General Laws - Definitions - Chapter 15C, Section 3
As used in this chapter, the following words shall, unless the context otherwise requires, have the following meanings:— “Authority”, the Educational Financing Authority established by...
- Massachusetts General Laws - Massachusetts educational financing authority; members; terms; meetings; surety bond; conflict of interest - Chapter 15C, Section 4
(a) There is hereby established a body politic and corporate to be known as the Massachusetts Educational Financing Authority, herein called the Authority. The Authority...
- Massachusetts General Laws - Purposes of authority; powers - Chapter 15C, Section 5
The purpose of the Authority shall be to assist borrowers and institutions for higher education in the financing and refinancing of the costs of education...
- Massachusetts General Laws - College opportunity program; bonds; issuance; redemption; tuition agreements - Chapter 15C, Section 5A
The Authority shall, subject to paragraph (f1/2) of section five, establish a college opportunity program, which shall, to the extent feasible, include the following elements:—...
- Massachusetts General Laws - Powers and duties of authority for implementation and administration of savings programs - Chapter 15C, Section 5B
For the purposes of implementing and administering savings programs, pursuant to paragraph (f1/2) of section five, the Authority shall have, in addition to all other...
- Massachusetts General Laws - Comprehensive state-supported supplemental education loan program; development - Chapter 15C, Section 5C
The authority is hereby authorized to develop and establish a comprehensive state-supported supplemental education loan program. Such program shall consist of medium and long-range fixed...
- Massachusetts General Laws - Payment of expenses - Chapter 15C, Section 6
All expenses incurred in carrying out the provisions of this chapter shall be payable solely from funds provided under the authority of this chapter and...
- Massachusetts General Laws - Guidelines for deposits of monies, endowments, etc.; default reserve fund - Chapter 15C, Section 7
The Authority is authorized and empowered to establish specific guidelines relating to the deposits of certain monies, endowments, or properties by institutions for higher education...
- Massachusetts General Laws - Conveyance of assets comprising loan funding deposits - Chapter 15C, Section 8
When the principal of, interest on and premium, if any, due in connection with bonds of the Authority issued to finance the cost of an...
- Massachusetts General Laws - Negotiable notes; issuance; terms or conditions - Chapter 15C, Section 9
The Authority may from time to time issue negotiable notes for any corporate purpose and may from time to time renew any notes by the...
- Massachusetts General Laws - Revenue bonds, notes, or other obligations; issuance; authorization by resolution; resolution provisions; liability - Chapter 15C, Section 10
(a) The Authority may from time to time issue revenue bonds for any corporate purpose and all such revenue bonds, notes, bond anticipation notes or...
- Massachusetts General Laws - Trust agreements as security for revenue bonds or notes; provisions of trust agreements - Chapter 15C, Section 11
In the discretion of the Authority any revenue bonds or notes issued under the provisions of this chapter may be secured by a trust agreement...
- Massachusetts General Laws - Payment of bonds or notes; liability of commonwealth - Chapter 15C, Section 12
Revenue bonds or notes issued under the provisions of this chapter shall not be deemed to constitute a debt or liability of the commonwealth or...
- Massachusetts General Laws - Fees; contracts; pledge of revenues; sinking fund - Chapter 15C, Section 13
The Authority shall fix, revise, charge and collect fees and is empowered to contract with any person, partnership, association or corporation, or other body, public...
- Massachusetts General Laws - Monies received; trust funds - Chapter 15C, Section 14
All monies received pursuant to the Authority of this chapter, whether as proceeds from the sale of bonds or notes, in connection with any savings...
- Massachusetts General Laws - State colleges and universities participation fund - Chapter 15C, Section 14A
Notwithstanding any special or general law to the contrary, the board of trustees of each institution referred to in this section shall have the authority...
- Massachusetts General Laws - College opportunity fund; purposes; pledges - Chapter 15C, Section 14B
The Authority shall establish, in such form as it deems appropriate, a college opportunity fund, hereinafter referred to as the fund, to which shall be...
- Massachusetts General Laws - Holders of revenue bonds, notes, or other obligations, and trustees; enforcement of rights; compelling performance of duties of authority - Chapter 15C, Section 15
Any holder of revenue bonds, notes, bond anticipation notes, other notes or other obligations of the Authority issued under the provisions of this chapter or...
- Massachusetts General Laws - Exercise of powers for benefit of commonwealth; tax exempt status - Chapter 15C, Section 16
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the commonwealth, for the...
- Massachusetts General Laws - Refunding of outstanding revenue bonds or notes; investment and reinvestment of proceeds; additional loans - Chapter 15C, Section 17
(a) The Authority is hereby authorized to provide for the issuance of revenue bonds or notes of the Authority for the purposes of refunding any...
- Massachusetts General Laws - Investment of funds by authority - Chapter 15C, Section 18
Except as otherwise provided in paragraph (c) of section seventeen, or as provided in any bond resolution applicable to any bonds of the Authority, the...
- Massachusetts General Laws - Bonds as investment securities - Chapter 15C, Section 19
Bonds issued by the Authority under the provisions of this chapter are hereby made securities in which all public officers and public bodies of the...
- Massachusetts General Laws - Report of authority; audit - Chapter 15C, Section 20
The Authority shall keep an accurate account of all its activities and of all its receipts and expenditures and shall annually make a report thereof...
- Massachusetts General Laws - Powers of participating higher education institutions; interest rates - Chapter 15C, Section 21
Notwithstanding any other provision of law, any participating institution for higher education shall have the power to borrow money from the Authority, make education loans,...
- Massachusetts General Laws - Employees; social security; security interests in revenues and receipts; priority - Chapter 15C, Section 22
The Authority may take such action as it deems appropriate to enable its employees to come within the provisions and obtain the benefits of the...
- Massachusetts General Laws - Civil actions; liability, losses, expenses; insurance; limitation of actions - Chapter 15C, Section 22A
The Authority shall be liable on all claims made as a result of the activities, whether ministerial or discretionary, of any member, officer, or employee...
- Massachusetts General Laws - Powers granted supplemental and additional to other laws; supervision or regulation of powers - Chapter 15C, Section 23
The provisions of this chapter shall be deemed to provide a complete, additional and alternative method for the doing of the things authorized thereby and...
- Massachusetts General Laws - New England Education Loan Marketing Corporation as separate entity - Chapter 15C, Section 24
This chapter shall be independent of and in addition of the authority of the New England Education Loan Marketing Corporation established by section one hundred...
- Massachusetts General Laws - Construction of law - Chapter 15C, Section 25
The chapter, being necessary for the welfare of the commonwealth and its inhabitants, shall be liberally construed to effect the purposes hereof.
- Massachusetts General Laws - Bankruptcy of borrower - Chapter 15C, Section 26
The obligations of a borrower under the provisions of this chapter shall not be subject to discharge as a result of bankruptcy proceedings.
- Massachusetts General Laws - Repealed, 1993, 495, Sec. 11 - Chapter 15C, Section 26A
Repealed, 1993, 495, Sec.
- Massachusetts General Laws - Rights and properties of Authority upon dissolution, liquidation or other termination - Chapter 15C, Section 27
Upon dissolution, liquidation or other termination of the Authority, all rights and properties of the Authority shall pass to and be vested in the commonwealth,...
- Massachusetts General Laws - Severability - Chapter 15C, Section 28
The provisions of this act are severable, and if any of its provisions shall be held unconstitutional by any court of competent jurisdiction, the decision...
Last modified: September 11, 2015