§ 6-81-129 - Contracts with entities for certain services authorized. - Arkansas Statutes

6-81-129. Contracts with entities for certain services authorized.

(a) The Arkansas Student Loan Authority may contract with an agency, financial institution, or corporation, whether organized under the laws of this state or otherwise, whereby such agency, financial institution, or corporation shall provide certain billing, accounting, reporting, or administrative services required for guaranteed educational loan programs administered by the authority or in which the authority participates.

(b) (1) The authority may form one (1) or more nonprofit special purpose corporations for accomplishing the purposes set forth in this subchapter.

(2) Members of the board and officers of the authority may serve as directors of any such nonprofit corporation.

(3) Obligations issued by such nonprofit corporation shall be subject to the approvals contained in 6-81-107 and 6-81-108.

(4) The authority may contract with any such nonprofit corporation, as set forth in subsection (a) of this section.