1. (a) If, after a hearing or an opportunity for hearing, the board determines that a licensee is in default on a loan guaranteed by the Texas Guaranteed Student Loan Corporation, the license shall not be renewed unless the licensee presents a certificate issued by the corporation certifying that:

   1. (1) the licensee has entered into a repayment agreement on the defaulted loan; or
   2. (2) the licensee is not in default on a loan guaranteed by the corporation.

2. (b) If, after a hearing or an opportunity for hearing, the board determines that a licensee has defaulted on a repayment agreement with the Texas Guaranteed Student Loan Corporation, the license shall not be renewed unless the licensee presents a certificate issued by the corporation certifying that:

   1. (1) the licensee has entered into another repayment agreement on the defaulted loan; or
   2. (2) the licensee is not in default on a loan guaranteed by the corporation or on a repayment agreement.

Source Note:The provisions of this §273.10 adopted to be effective January 7, 1994, 18 TexReg 9930.