HARRY HUGHES, Governor

1641

(6)  Make contracts with:

(i) Colleges and vocational schools, on
any terms agreed on between the corporation and the college
or vocational school, to provide for the administration by
the college or school of any loan or guarantee made by the
corporation, including applications for them and repayment
of them; and

(ii) The federal government or any private
agency approved by the board, for the purpose of receiving
funds or services;

(7)  Sue and be sued;

(8)  Adopt rules and regulations governing:

(i) The application for and the granting,
administration, and repayment of the loans or guarantees it
makes ,*

(ii) The eligibility of students,
colleges, vocational schools, and lending institutions to
participate in the program; and

(iii) Any other matter that relates to its
activities;

(9)  Comply with any requirements OR REGULATIONS
of the [Commissioner] SECRETARY; and

(10)  Do any other act not inconsistent with law,
that is appropriate to promote its purposes.

18-1007.

(a) (1) The board shall require each individual who
borrows from the corporation, or who borrows funds
guaranteed by the corporation, to pay interest on the amount
borrowed during the term of the loan.

(2) The interest rate AND INSURANCE PREMIUM RATE
set by the corporation may not be more than the maximum
[rate] RATES set by the [Commissioner] SECRETARY.

18-1008.

(c) The board shall determine the amount of each loan
AND AGGREGATE LOAN LIMITS within the limits established by
federal law and the regulations of the [Commissioner]
SECRETARY.

18-1009.

(a) EXCEPT IN THE CASE OF A LOAN MADE TO THE PARENT OF
A DEPENDENT UNDERGRADUATE STUDENT WHICH WILL REQUIRE PAYMENT
TO BEGIN NOT LATER THAN 60 DAYS AFTER THE DATE THE LOAN IS