§ 6-81-126 - Purchase of student loan note. - Arkansas Statutes

6-81-126. Purchase of student loan note.

Prior to purchasing a guaranteed educational loan note under the provisions of this subchapter, the Arkansas Student Loan Authority shall reasonably determine:

(1) That the note represents a loan actually disbursed to a qualified borrower;

(2) That due diligence both in making and collecting the loan has been exercised with respect to that loan;

(3) That such loan meets such other reasonable criteria as may be established from time to time by the authority; and

(4) That no other defects exist affecting the ability of the loan to be guaranteed.