2006 New York Code - Powers And Duties.

 
    §  680.  Powers  and  duties.  * 1. In furtherance of the purposes set
  forth in this article, the corporation, acting by and through its board,
  shall have the following additional powers:
    a. To lend  money  in  compliance  with  applicable  federal  law  and
  regulation,  and,  upon  such  terms  as  the board may prescribe (1) to
  persons who are attending or  plan  to  attend  colleges  or  vocational
  institutions  in  this state or (2) to persons who are residents of this
  state and who are attending or plan to  attend  colleges  or  vocational
  institutions  outside  the state or (3) to persons on behalf of eligible
  dependents who are attending or plan to attend  colleges  or  vocational
  institutions  in  the  state or (4) to persons who are residents of this
  state on behalf of eligible dependents who  are  attending  or  plan  to
  attend colleges or vocational institutions outside the state;
    b.  To  guarantee  the  loan  of  money  in compliance with applicable
  federal law and  regulation  and  upon  such  terms  as  the  board  may
  prescribe  by  banks,  savings  banks,  savings  and  loan associations,
  pension funds, credit unions,  colleges,  vocational  institutions,  and
  insurance  companies  (1) to persons who are attending or plan to attend
  colleges or vocational institutions in this state or (2) to persons  who
  are  residents  of  this  state  and who are attending or plan to attend
  colleges or vocational institutions outside the state or (3) to  persons
  on  behalf  of  eligible  dependents who are attending or plan to attend
  colleges or vocational institutions in the state or (4) to  persons  who
  are  residents  of  this  state on behalf of eligible dependents who are
  attending or plan to attend colleges or vocational institutions  outside
  the  state.  Loans  under this paragraph are made under the authority of
  the federal student aid programs;
    c. To enter into cooperative agreements, subject to  the  approval  of
  the  board  of  trustees  and  the  director  of  the budget, with other
  entities, including, but not  limited  to,  other  states,  the  federal
  government,  and  post-secondary institutions, to establish, administer,
  and operate federal student aid programs. Notwithstanding the provisions
  of  paragraphs  a  and  b  of  this  subdivision,  the  corporation   is
  authorized,  pursuant to such cooperative agreements, to provide federal
  student aid services to students and families who are not  residents  of
  New York state.
    * NB Separately  amended -- cannot be put together
    * 1.  In  furtherance  of  the purposes set forth in this article, the
  corporation, acting by and through its board, shall have  the  following
  additional powers:
    a.  To  lend  money,  upon  such  terms  as the board may prescribe to
  persons who are residents of this state and who are attending or plan to
  attend colleges or  career  education  institutions  in  this  state  or
  elsewhere,   which   are  approved  for  participation  in  the  federal
  guaranteed student  loan  program,  to  assist  them  in  meeting  their
  expenses of higher or career education;
    b.  To  guarantee  the  loan of money upon such terms as the board may
  prescribe by  banks,  savings  banks,  savings  and  loan  associations,
  pension  funds,  credit unions, colleges, career education institutions,
  and insurance companies (1) to persons who  are  attending  or  plan  to
  attend colleges or career education institutions in this state or (2) to
  persons who are residents of this state and who are attending or plan to
  attend  colleges  or  career education institutions outside the state or
  (3) to persons on behalf of eligible dependents  who  are  attending  or
  plan to attend colleges or career education institutions in the state or
  (4)  to  persons  who  are residents of this state on behalf of eligible
  dependents who are attending  or  plan  to  attend  colleges  or  career
  education institutions outside the state. Loans under this paragraph are
  made  under the authority of the federal guaranteed student loan program
  and federal parent loan program;
    c.  To lend or to guarantee the loan of money by banks, savings banks,
  savings  and  loan  associations,  pension  funds,  credit  unions,  and
  insurance  companies,  upon  such  terms and conditions as the board may
  prescribe, to persons who are residents of this state and  who  (i)  are
  attending or plan to attend colleges in this state which are approved as
  such  by  the regents or (ii) are enrolled or plan to enroll in approved
  programs of study of at least three  hundred  clock  hours  duration  at
  career education institutions in this state which are registered as such
  by  the  regents.  The  eligibility  of  colleges  or  career  education
  institutions to participate under this paragraph  shall  be  limited  to
  those institutions which, on the effective date of this section, have in
  force   an   executed   agreement   with   the  corporation  authorizing
  participation and shall  further  be  limited  to  two  years  from  the
  effective  date  of  this  section.  No  loan  to  such  person shall be
  guaranteed to an amount for any school  year  or  in  the  aggregate  in
  excess of such maximum permitted under the current applicable provisions
  of  the  federal  guaranteed student loan program. The corporation shall
  not refuse to guarantee any loan solely on the ground  that  the  annual
  income of the family of the borrower exceeds a specified dollar amount.
    * NB Separately  amended -- cannot be put together
    2.  The  board  shall  adopt  rules  and  regulations, consistent with
  federal and state  law,  governing  the  programs  administered  by  the
  corporation  pursuant  to  this  part  including, but not limited to the
  application,  granting,  payment  and  repayments  of  loans   made   or
  guaranteed  by the corporation. Further, the board shall adopt rules and
  regulations  consistent  with  federal  and  state  law  governing   the
  participation  of  a  college  or  career  education  institution in the
  programs  established  by  this  part,  including  procedures  for   the
  limitation, suspension or termination of such participation after notice
  and  opportunity for a hearing, due to the violation or failure to carry
  out any rule or regulation prescribed by the board.
    3. The president of the higher education  services  corporation  shall
  ensure  that  information  regarding  training,  employment services and
  employment opportunities, including opportunities for programs available
  without cost through the job opportunities and basic skills program,  is
  provided   to  any  person  determined  to  be  a  recipient  of  public
  assistance. The commissioner of social services shall ensure  that  such
  information   is   made  available  to  the  higher  education  services
  corporation.