173.170. Standards of eligibility of loan agreements--discrimination prohibited. - Missouri Statutes

Standards of eligibility of loan agreements--discriminationprohibited.

173.170. 1. The board shall adopt regulations establishingstandards for determining eligibility of loan agreements to beguaranteed under the provisions of sections 173.095 to 173.180.The regulations shall provide for, but shall not be limited to,the following:

(1) The requirement or nonrequirement of security orendorsement;

(2) The manner and time of repayment of the principal andinterest;

(3) The maximum rate of interest;

(4) The right of the borrower to accelerate paymentswithout penalty;

(5) The amount of the guarantee charge;

(6) The effective period of the guarantee;

(7) The percent of the loan covered by the guarantee;

(8) The assignability of loans by the lender;

(9) Procedures in the event of default by the borrower;

(10) The due diligence effort on the part of lenders forcollection of guaranteed loans;

(11) Collection assistance and supplemental preclaimsassistance to be provided to lenders; and

(12) The extension of the guarantee in consideration ofeligible deferments or forbearances.

2. The eligibility of any person for a student loan underthe provisions of sections 173.095 to 173.180 shall not bedetermined or otherwise affected by any considerations of thatperson's race, religion, sex, creed, color, location ofresidence, or choice of eligible institution.

(L. 1967 1st Ex. Sess. p. 894 § 10, A.L. 1978 H.B. 891, A.L. 1981 H.B. 326, A.L. 1994 S.B. 583)