Arkansas Code Title 6, Subtitle 6, Chapter 81, Subchapter 1 - General Provisions

• § 6-81-101 - Definitions.
  As used in this subchapter: (1) (A) "Education loan" means a loan made to a student or the parent, legal guardian, or sponsor of...
• § 6-81-102 - Arkansas Student Loan Authority -- Powers and Duties.
  (a) There is established the Arkansas Student Loan Authority.(b) The authority shall exercise the powers and duties provided under this section.(c) The authority shall...
• § 6-81-103 - [Repealed.]
• § 6-81-104 - Rules.
  The Arkansas Student Loan Authority may adopt rules not inconsistent with this subchapter as necessary to carry out the purposes of this subchapter.
• § 6-81-105 - [Repealed.]
• § 6-81-106 - Financing Authority.
  In order to provide the necessary funds to carry out the purposes of this subchapter, the Arkansas Student Loan Authority may issue obligations from...
• § 6-81-107 - Bonds, Notes, Etc. -- Consent of State Board of Finance.
  Before the issuance of any obligation or the advertisement of revenue bonds for public or private sale as provided in § 6-81-112, the obligation...
• § 6-81-108 - Bonds, Notes, Etc. -- Governor's Consent.
  The powers of the Arkansas Student Loan Authority created by this subchapter are limited in that no bonds that are to be issued pursuant...
• § 6-81-109 - Bonds, Notes, Etc. -- Authorizing Resolution -- Terms and Conditions.
  (a) (1) The obligations issued under this subchapter shall be authorized by resolution of the Arkansas Student Loan Authority. (2) The obligations may be...
• § 6-81-110 - Bonds, Notes, Etc. -- Trust Indentures.
  The authorizing resolution may provide for the execution of a trust indenture between the Arkansas Student Loan Authority and any financial institution within or...
• § 6-81-111 - Bonds, Notes, Etc. -- Execution and Seal.
  (a) Obligations shall be executed by the manual or facsimile signature of the Chair of the Board of Directors of the Arkansas Student Loan...
• § 6-81-112 - Bonds, Notes, Etc. -- Sale.
  (a) Obligations may be sold at a public or private sale as the Arkansas Student Loan Authority determines reasonable and expedient for effectuating the...
• § 6-81-113 - Bonds, Notes, Etc. -- Liability.
  (a) It shall be plainly stated on the face of each obligation that: (1) It has been issued under the provisions of this subchapter;...
• § 6-81-114 - Bonds, Notes, Etc. -- Pledge of Revenues.
  (a) The obligations of the Arkansas Student Loan Authority shall be payable from and secured by a pledge of revenues derived from or by...
• § 6-81-115 - Bonds, Notes, Etc. -- Contract Between Arkansas Student Loan Authority and Obligation Holder.
  (a) Any authorizing resolution by the Arkansas Student Loan Authority and any trust indenture or other loan agreement, together with this subchapter, shall constitute...
• § 6-81-116 - Bonds, Notes, Etc. -- Tax Exemption.
  (a) Obligations issued under the provisions of this subchapter and the interest thereon, unless specifically declared to be taxable in the authorizing resolution, shall...
• § 6-81-117 - [Repealed.]
• § 6-81-118 - Cash Funds -- Sufficient Redemption Fund Required.
  (a) (1) All moneys received by the Arkansas Student Loan Authority or its trustee as repayment of principal or interest on an education loan...
• § 6-81-119 - Refunding Obligations.
  (a) Obligations may be issued for refunding, either at maturity or in advance of maturity, any obligations issued under this subchapter.(b) (1) The refunding...
• § 6-81-120 - Obligations Designated As Legal and Authorized Investments.
  (a) All the obligations issued under this subchapter are legal and authorized investments for: (1) Banks; (2) Savings banks; (3) Trust companies; (4) Savings...
• § 6-81-121 - [Repealed.]
• § 6-81-122 - Bonds, Notes, Etc. -- Investment of Excess Funds.
  Moneys in funds created by resolution or trust indenture of the Arkansas Student Loan Authority in excess of the amount then necessary for making...
• § 6-81-123 - [Repealed.]
• § 6-81-124 - Student Loan Funds.
  (a) All proceeds derived from a particular obligation under the provisions of this subchapter shall be deposited into a fund to be known as...
• § 6-81-125 - Contractual Capacity of Students -- Minority Defense.
  (a) For the purpose of this subchapter, a student who is a qualified borrower is vested with full capacity to contract and is bound...
• § 6-81-126 - Purchase of Student Loan Notes.
  Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Arkansas Student Loan Authority shall reasonably determine that:...
• § 6-81-127 -- 6-81-129 - [Repealed.]
• § 6-81-130 - Annual Audit.
  The proceeds fund and the accounts of the Arkansas Student Loan Authority shall be audited annually by the Division of Legislative Audit of the...
• § 6-81-131 - [Repealed.]
• § 6-81-132 - Interest Rate Exchange Agreement.
  (a) The Arkansas Student Loan Authority may enter into an interest rate exchange agreement or similar agreement or contract with any person on a...

Last modified: November 15, 2016