• § 20-3-260 - Short Title; Name of Program
  This part shall be known and may be cited as the "Georgia Higher Education Assistance Corporation Act." The educational loan program provided for in...
• § 20-3-261 - Legislative Findings; Purpose of Corporation
  (a) Legislative findings. (1) The General Assembly finds that the growth and development of this state and nation have been and will undoubtedly remain...
• § 20-3-262 - Definitions
  As used in this part, the term: (1) "Authority" means the Georgia Student Finance Authority created by Code Section 20-3-313. (2) "Authorized officer" means...
• § 20-3-263 - Corporation Created As Successor to Former Georgia Higher Education Assistance Corporation
  (a) There is created a public authority, a body corporate and politic, to be known as the Georgia Higher Education Assistance Corporation, which shall...
• § 20-3-264 - Functions and Composition of Board of Directors; Organization and Conduct of Affairs
  (a) Functions and composition. The corporation shall be governed and all of its corporate powers, duties, and functions shall be exercised by a board...
• § 20-3-265 - Corporation Officers and Employees; Bonds
  The executive director of the commission, or president, if designated by such title by the board of commissioners, shall serve as the executive director,...
• § 20-3-266 - Powers and Duties of the Corporation; Conflicts With Federal or State Law; Confidentiality
  (a) In addition to all other provisions of this part and in furtherance of the purposes of the corporation, the corporation shall have the...
• § 20-3-267 - Accounting System; Use of Funds; Payments to Commission
  The corporation shall maintain a system of accounts in accordance with generally accepted accounting procedures and standard accounting procedures and systems established by the...
• § 20-3-268 - Annual Audits of Corporation; Distribution of Audit Reports
  The state auditor shall make an annual financial audit of the books, accounts, and records of the corporation. The state auditor shall maintain a...
• § 20-3-269 - Loan Guaranties Not State Debt; Directors and Officers Not Personally Liable for Issuance of Guaranties
  Loan guaranties issued under this part shall not be deemed to constitute a debt, liability, or obligation of, or a pledge of the faith...
• § 20-3-270 - Loan Guaranties Conditioned on Lenders' and Holders' Due Diligence
  The guaranty of the corporation on an educational loan made under this part is conditioned upon exercise of due diligence by the lender and...
• § 20-3-271 - Insurance Premiums or Guaranty Fees
  The corporation is authorized to charge and collect insurance premiums on loans in accordance with the federal act and to provide for all matters...
• § 20-3-272 - Submission of Lenders' Billings and Reports to Secretary by Corporation; Use of State Funds to Accelerate Federal Payments
  (a) Corporation billing and report services. Pursuant to the federal act, each lender must submit to the secretary such reports as he may require...
• § 20-3-273 - State Interest Subsidy Payments for Student Borrowers
  The corporation is authorized to pay to the lender, on behalf of a student borrower and out of the corporation's state interest subsidy and...
• § 20-3-274 - Loan Discount Payments to Lenders
  In order to provide an additional incentive to lenders to broaden their participation in the program and better to assure lenders of receiving a...
• § 20-3-275 - Funds Maintained by Corporation
  There are created, but not by way of limitation, the following special funds for the purposes prescribed: (1) Loan guaranty fund. A loan guaranty...
• § 20-3-276 - School Rights Subject to Rules and Regulations
  No school and no class, type, or group of "eligible institutions," as such term is defined in the federal act, shall have a vested...
• § 20-3-277 - Lender Rights Subject to Rules and Regulations
  No lender and no class, type, or group of "eligible lenders," as such term is defined in the federal act, shall have a vested...
• § 20-3-278 - Reports As to Loan Commitment Agreements; Statements to Borrowers; Administration Fees; Reports of Agreement Terminations
  Repealed by Ga. L. 1987, p. 378, § 2, effective April 2, 1987.
• § 20-3-279 - Persons Forbidden to Engage in Business of Furnishing Educational Loan Information or Assistance
  It shall not be permissible for any stockholder, director, officer, employee, agent, commissioned salesman, consultant, or other person in the employment of, or who...
• § 20-3-280 - Lender and School Audits; Program Reviews; Corrective Actions
  The corporation is authorized: (1) To examine and audit accounts and records of lenders and schools relative to educational loans guaranteed by the corporation;...
• § 20-3-281 - Sale, Pledge, or Assignment of Educational Loans
  A lender may sell loans guaranteed by the corporation, or an interest in such loans, to another lender only in accordance with regulations of...
• § 20-3-282 - Contracted Servicing of Loans
  The servicing or collection of educational loans held by a lender may not be contracted to any other lender, person, or entity except in...
• § 20-3-283 - Contributions Deductible for Income Tax Purposes
  Notwithstanding any general or special law or any certificate of incorporation, charter, or other articles of organization, all domestic or domesticated corporations, associations, and...
• § 20-3-284 - Exemption of Corporation From Taxation
  In that the corporation is a duly created public authority and political subdivision of the state and is performing essential governmental functions in the...
• § 20-3-285 - Exemption of Lenders From Certain Taxation
  One-half of the outstanding principal amount of loans guaranteed by the corporation and owned by a lender as of January 1 each year shall...
• § 20-3-286 - Conflicts of Interest Involving Directors, Officers, or Employees of Corporation
  If any director, officer, or employee of the corporation shall be interested, either directly or indirectly, or shall be a director, officer, or employee...
• § 20-3-287 - Borrowers Deemed Capable Regardless of Age
  For the purpose of applying for, receiving, and repaying any educational loan under this part, all persons of any age shall be deemed to...
• § 20-3-288 - Proof of Residency in State
  In accordance with the national scope and intent of the United States relative to educational loans as expressed in the federal act, lenders and...
• § 20-3-289 - Eligibility of Students in Default for Other State Student Assistance
  Any student who is indebted to the corporation on a defaulted educational loan obtained under this part shall not be eligible to apply for...
• § 20-3-290 - Corporation Assigned to Commission
  The corporation is assigned to the commission for administrative purposes as prescribed in Code Section 50-4-3.
• § 20-3-291 - Termination and Dissolution of Corporation
  The corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as...
• § 20-3-292 - Venue of Proceedings Against Corporation
  The venue for any legal proceeding brought against the corporation shall be Fulton County, regardless of the county in which the principal office or...
• § 20-3-293 - General Banking or Insurance Business by Corporation Prohibited
  Nothing contained in this part shall be construed to mean that the corporation is engaged in or is authorized to engage in the general...
• § 20-3-294 - Operations Reports by Corporation
  The corporation is authorized to publish in print or electronically annually, or at more or less frequent intervals determined by the board of directors,...
• § 20-3-295 - Corporation to Maintain Certified List of Borrowers in Default; Administrative Hearings; Appeals
  (a) As used in this Code section, the term: (1) "Agency" means the Georgia Higher Education Assistance Corporation created in Code Section 20-3-263 which...

Last modified: October 14, 2016