(a) Notwithstanding any other provision of law, the Treasurer may invest or reinvest State money in any obligation that the Maryland Higher Education Loan Corporation guarantees if:
(1) a financial institution holds the obligation; and
(2) the Governor approves the financial institution.
(b) (1) The Treasurer may set the conditions of the investment or reinvestment, including the term and any service charge.
(2) The investments and reinvestments under this section may not exceed:
(i) for any 1 obligation, 80% of its principal;
(ii) for any 1 financial institution, the amount by which its holdings in the obligations exceed 1% of the total deposits of the financial institution; and
(iii) for all obligations, $10,000,000.
(c) If the Treasurer invests or reinvests in an obligation under this section, the financial institution that holds the obligation is the collecting agent of the State for the investment or reinvestment.
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