There is created in the state treasury the "student loan fund". The state treasurer may use the student loan fund to:
A. purchase, from the fiscal agent, loans guaranteed by the United States made to qualified students at participating institutions; and
B. purchase from lending agencies located in New Mexico student loan notes guaranteed by the United States made to qualified students who at the time of the loan were attending participating institutions and who are currently attending participating institutions and who are also borrowers from the student loan fund. The fiscal agent and the state board of educational finance [commission on higher education [higher education department]] shall approve the purchase of student loan notes. The purchased student loan notes shall be delivered to the state treasurer as collateral for the student loan fund.
History: 1953 Comp., § 73-38-3, enacted by Laws 1970, ch. 82, § 3; 1972, ch. 49, § 1.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 63A Am. Jur. 2d Public Funds § 3.
81A C.J.S. States § 135.
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