South Carolina § 59-115-50 - Powers of Authority.

§ 59-115-50. Powers of Authority.

The Authority shall be empowered as follows:

(a) To make student loans under such terms and conditions as the Authority shall from time to time prescribe;

(b) To insure student loans under such terms and conditions as the Authority shall from time to time prescribe;

(c) To guarantee student loans under such terms and conditions as the Authority shall from time to time prescribe;

(d) To acquire contingent interest in student loans from banks or other lending institutions (up to one hundred percent of the face amount thereof) under such terms and conditions as the Authority shall from time to time prescribe;

(e) To develop and administer all programs and to perform all functions necessary or convenient to promote and facilitate the making, guaranteeing and insuring of student loans and to provide such other student loan assistance and services as the authority shall deem necessary or desirable and to enable it to qualify for loans, grants, insurance and other benefits and assistance under any program of the United States now or hereafter authorized fostering student loans;

(f) To appoint one or more banking institutions as its fiscal agent to perform such functions with respect to student loans and its revenue bonds as the Authority shall from time to time prescribe; and

(g) To approve as eligible, institutions otherwise qualified as such.

(h) To sell or otherwise hypothecate student loans or other securities held by the authority in any fund created hereby.

HISTORY: 1962 Code SECTION 22-96.4; 1971 (57) 775; 1978 Act No. 474, SECTIONS 3, 4.