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Can you summarize LARS 17.3023.1?
HIGHER EDUCATION ASSISTANCE > Credit unions, savings and loan associations, schools and insurance companies as lending agencies
Short Summary
This legal document, found in the Louisiana Revised Statutes under the Education section, pertains to the eligibility of credit unions, savings and loan associations, schools, and insurance companies as lending agencies. These entities must be domiciled, licensed, or registered to do business in the state of Louisiana. They are eligible to act as lending agencies in the same manner as banks, subject to certain provisions. Credit unions organized under the laws of Louisiana have the power to make insured loans to qualifying students, as regulated by the commissioner of financial institutions. Savings and loan associations in Louisiana can make student loans guaranteed by the board, up to five percent of their assets, in accordance with federal laws. Postsecondary schools in Louisiana are empowered to make student loans guaranteed by the board, following the provisions of the Federal Higher Education Act. Insurance companies domiciled, licensed, or registered in Louisiana and subject to examination and supervision by a state agency can make student loans guaranteed by the board, in accordance with applicable state laws and the Federal Higher Education Act. This document does not mention any exemptions or penalties.
Whom does it apply to?
Credit unions, savings and loan associations, schools, and insurance companies domiciled, licensed, or registered to do business in the state of Louisiana
What does it govern?
Eligibility of credit unions, savings and loan associations, schools, and insurance companies as lending agencies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Louisiana