The governor may request, on behalf of the state, the establishment of a private nonprofit corporation, with a bipartisan board of directors that meets the requirements of section 1.5 of this chapter, to serve as a secondary market for education loans. If a private nonprofit corporation is established, the governor may designate the corporation to:

1. (1) serve as the secondary market for education loans; and

2. (2) act as an eligible lender under a federal program.

   The corporation must satisfy the conditions imposed by sections 3 through 10 of this chapter, and its articles of incorporation must provide that upon the corporation's liquidation, any surplus funds must be paid to the state.

   [Pre-2007 Higher Education Recodification Citation: 20-12-21.2-2(a).]

As added by P.L.2-2007, SEC.257. Amended by P.L.224-2023, SEC.6.