§ 6-81-102 - Arkansas Student Loan Authority. - Arkansas Statutes

6-81-102. Arkansas Student Loan Authority.

(a) At the request of the Department of Higher Education to the Governor, by Governor's proclamation, there is authorized to be established an authority to be known as the Arkansas Student Loan Authority.

(b) The authority authorized to be established is created for the purpose of making guaranteed educational loans and dealing in, by buying or selling, guaranteed educational loan notes.

(c) The authority shall operate solely and exclusively to exercise those powers enacted in this subchapter and shall devote any income after payment of expenses, debt service, and the creation of reserves for the aforementioned to the making of guaranteed educational loans and the purchase of guaranteed educational loan notes.

(d) The authority shall be a public body politic and corporate, with corporate succession, and shall be the instrumentality of the state charged with a portion of the responsibility of the state to provide educational opportunities in keeping with all applicable state and federal laws, and its scope and purpose shall be complementary and supplementary to the authority of the Student Loan Guarantee Foundation of Arkansas, as established by 6-81-201 et seq.

(e) (1) The authority shall be composed of seven (7) members to be appointed by the Governor.

(2) At least one (1) member of the authority shall be a representative of a bank or other private lending institution, and at least one (1) member shall be a financial aid officer from a participating institution. At least one (1) member of the authority shall be a female and at least one (1) member shall be a member of a racial minority.

(f) All appointments shall be for a term of four (4) years each.

(g) All vacancies in membership on the authority occurring during a term shall be filled by appointment of the Governor for the unexpired portion of the term.

(h) The authority shall meet at such times and at such places and shall remain in session for such periods of time as the authority shall deem necessary to properly carry out its responsibilities under this subchapter.

(i) The members of the authority shall serve without compensation but may receive expense reimbursement in accordance with 25-16-901 et seq.

(j) The authority shall select from its membership a chair and secretary.

(k) The authority shall employ a director and such other professional and clerical assistance, including legal assistance, as it shall deem necessary or appropriate to properly carry out its responsibilities.

(l) The authority shall adopt such rules and regulations to be followed by the authority in conducting its business as it deems appropriate.