SB 17 – FINAL VERSION
SENATE BILL 17
This bill redefines educational institution to allow such institutions to be located outside of the state for the purpose of higher education loans.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [
in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Five
AN ACT relative to the definition of educational institution for the purpose of higher education loans.
Be it Enacted by the Senate and House of Representatives in General Court convened:
120:1 Loan Corporations; Declaration of Policy. Amend RSA 195-E:1 to read as follows:
195-E:1 Declaration of Policy. It is declared to be the policy of this state that for the benefit of the people of the state, the increase of their commerce, welfare, and prosperity and the improvement of their health and living conditions, it is essential that students attending higher educational institutions be given the fullest opportunity to learn and develop their intellectual and mental capacities. It is recognized that the financial costs to obtain an education beyond the high school level are often burdensome or prohibitive, and it is essential that qualified students or their parents be provided with low cost financial assistance in order that the students may attend such schools and to reduce the total amount of loan payments following graduation. In order to achieve this policy, it is essential that state residents be provided with an appropriate source of financing their postsecondary educations and that educational institutions [
within the state] wherever situated be provided with appropriate additional means to assist qualified students or their parents financially so that the students might achieve the required levels of learning and development of their intellectual and mental capacities. In order to assure the continued viability of existing loan programs whereby educational loans are made available to qualified students or their parents, it is necessary and desirable to provide an efficient, stable secondary market to which such loans may be sold, transferred, or pledged in exchange for funds with which the original lender will be enabled to continue or increase participation in such loan programs. Therefore, the general court has conferred certain powers on educational institutions, on loan corporations, on the New Hampshire higher education assistance foundation, and on the New Hampshire health and education facilities authority to assure the successful origination, distribution and collection of loans so as to accomplish the purposes of this chapter, all to the public benefit and good. It is further declared that the exercise by the educational institutions, the loan corporations, the New Hampshire higher education assistance foundation and the New Hampshire health and education facilities authority of the powers conferred under this chapter will constitute the performance of an essential governmental function.
120:2 Effective Date. This act shall take effect 60 days after its passage.
(Approved: June 15, 2005)
(Effective Date: August 14, 2005)