Government Code § 1372.033

Only a qualified nonprofit corporation may apply for a student loan bond allocation, and a recipient may not transfer the allocation or loan bond proceeds to others except a qualified borrower.

Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
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bond allocation loan bonds

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Provisions of Government Code § 1372.033

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1372.033
Government Code § 1372.033
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Only a qualified nonprofit corporation may apply for a student loan bond allocation, and a recipient may not transfer the allocation or loan bond proceeds to others except a qualified borrower.

Sec. 1372.033. PRIORITIES FOR RESERVATIONS AMONG CERTAIN ISSUERS OF QUALIFIED STUDENT LOAN BONDS. (a) In this section, "qualified nonprofit corporation" has the meaning assigned by Section 53B.02(11), Education Code. (b) Only a qualified nonprofit corporation may apply for a student loan bond allocation. (c) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011. (d) Each qualified nonprofit corporation that applies for a student loan bond allocation in compliance with all applicable application requirements for a program year is entitled to receive a student loan bond allocation prioritized in the order that the application was received by the board for that year. (e) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011. (f) Repealed by Acts 2011, 82nd Leg., R.S., Ch. 1304, Sec. 4, eff. June 17, 2011. (g) A qualified nonprofit corporation that receives a student loan bond allocation may not: (1) transfer the allocation to another entity; or (2) loan to another entity, other than a qualified borrower, proceeds of bonds issued under the allocation. Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1367, Sec. 10.08, eff. Sept. 1, 2001; Acts 2003, 78th Leg., ch. 1329, Sec. 11, eff. Sept. 1, 2003. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 3, eff. June 17, 2011. Acts 2011, 82nd Leg., R.S., Ch. 1304 (H.B. 2911), Sec. 4, eff. June 17, 2011. Acts 2019, 86th Leg., R.S., Ch. 992 (S.B. 1474), Sec. 12, eff. September 1, 2019.

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Government Code § 1372.033

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