Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Arkansas Student Loan Authority shall reasonably determine that:
(1) The note represents a loan actually disbursed to a qualified borrower;
(2) Due diligence both in making and collecting the loan has been exercised with respect to that loan;
(3) The loan meets such other reasonable criteria as may be established from time to time by the authority; and
(4) Other defects do not exist affecting the ability of the loan to be guaranteed.
Section: Previous 6-81-112 6-81-113 6-81-114 6-81-115 6-81-116 6-81-118 6-81-119 6-81-120 6-81-122 6-81-124 6-81-125 6-81-126 6-81-130 6-81-132 NextLast modified: November 15, 2016