There Is a Newer Version of this Section
  1. 2024 Indiana Code
  2. 2023 Indiana Code
  3. 2022 Indiana Code (here)
  4. View All Versions
View Our Newest Version Here

2022 Indiana Code
Title 21. Higher Education
Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans
Chapter 4. Guaranteed Student Loan Program
21-16-4-16. Holder of Guarantee Loans; Duties

Universal Citation:
IN Code § 21-16-4-16 (2022)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
Previous Next

Sec. 16. A holder of a guaranteed loan shall exercise reasonable care and diligence in the making and collection of loans under this chapter. If the commission finds that reasonable care and diligence are not being exercised by a holder of a guaranteed loan, the commission may:

(1) withdraw its guarantee on an individual borrower basis, allowing the approved lender to continue participation in the program, after reasonable notice to the lender; or

(2) disqualify the approved lender from the guarantee of further loans upon finding, after reasonable notice and hearing, that the lender has substantially failed to exercise reasonable care and diligence in the making and collection of loans under this chapter.

These disqualifications shall continue until the commission is satisfied that the lender will exercise reasonable care and diligence in the future.

[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(d).]

As added by P.L.2-2007, SEC.257.

Previous Next
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.