Oklahoma § 70-695.6 - Conditions of loans

§ 70-695.6. Conditions of loans

The amount of any loan to a qualified person shall be determined

according to regulations promulgated by the Student Loan Authority.

No payment shall be made to any qualified person until he has

executed a note payable to a fund which shall be created to be known

as the "Student Loan Sinking Fund", for the full amount of the loan

and interest thereon. For the purpose of the Oklahoma Student Loan

Act, Section 695.1 et seq. of this title, a qualified person has the

capacity to contract and is bound by any contract executed by him;

the defense that he was a minor at the time he executed a note is

not available to him in any action arising on his note. Payments to

qualified persons executing notes may be made annually,

semiannually, or for each semester as determined by the Authority.

The rate of interest charged the student shall be determined by the

Student Loan Authority. Disbursements may be made to a

participating institution pursuant to a contract between the

Authority and the participating institution executed under the

Oklahoma Student Loan Act.

Added by Laws 1972, c. 125, § 6, emerg. eff. April 6, 1972. Amended

by Laws 1987, c. 81, § 4, operative July 1, 1987. Amended by Laws

2024, c. 242, § 4, eff. Nov. 1, 2024.