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PAG LIN 1 1 Section 1. Section 261.37, subsections 3 and 6, Code 1995, 1 2 are amended to read as follows: 1 3 3. Collect an insurance premium of not more thanone1 4percent per annum of the principal amount of any loan1 5guaranteed, beginning with the date of disbursement and ending1 6one year after the date on which the borrower expects to1 7complete the course of study for which the loan was madethe 1 8 amount authorized by the federal Higher Education Act of 1965. 1 9SuchThe premium shall be collected by the lender upon the 1 10 disbursement of the loan and shall be remitted promptly to the 1 11 commission. 1 12 6. To reimburse eligible lenders forone hundred percent1 13of the principal and accrued interestthe amount authorized by 1 14 the federal Higher Education Act of 1965 on defaulted loans 1 15 guaranteed by the commission upon receipt of written notice of 1 16suchthe default accompanied by evidence that the lender has 1 17 exercised the required degree of diligence in efforts to 1 18 collect the loan. 1 19 Sec. 2. Section 261.71, subsection 1, paragraph d, Code 1 20 Supplement 1995, is amended to read as follows: 1 21 d. The student hasmade application for, using the1 22procedures specified in section 261.16, andreceived a loan 1 23 from moneysthroughappropriated to the college student aid 1 24 commissionfrom the funds allocatedforloans underthis 1 25sectionprogram. 1 26 Sec. 3. Section 261.71, subsection 2, Code Supplement 1 27 1995, is amended to read as follows: 1 28 2. Of the moneys loaned to an eligible student, for each 1 29 year of up to and including four years of practice in Iowa, 1 30thean amountofequal to twenty-five percent of the original 1 31 principal and the proportionate share of accrued interest, or 1 32 one thousand one hundred dollars, whichever is greater, shall 1 33 be forgiven. If a student fails to complete a year of 1 34 practice in the state, as practice is defined by the college 1 35 student aid commission, the loan amount for that year shall 2 1 not be forgiven. Forgivable loans made to eligible students 2 2 shall not become due, for repayment purposes, until one year 2 3 after the student hascompleted the student's residency2 4 graduated. A loan that has not been forgiven may be sold to a 2 5 bank, savings and loan association, credit union, or nonprofit 2 6 agency eligible to participate in the guaranteed student loan 2 7 program under the federal Higher Education Act of 1965, 20 2 8 U.S.C. } 1071 et seq., by the commission when the loan becomes 2 9 due for repayment. 2 10 Sec. 4. NEW SECTION. 261.72 CHIROPRACTIC LOAN REVOLVING 2 11 FUND. 2 12 A chiropractic loan revolving fund is created in the state 2 13 treasury as a separate fund under the control of the 2 14 commission. The commission shall deposit payments made by 2 15 chiropractic loan recipients and the proceeds from the sale of 2 16 chiropractic loans, less costs of collection of delinquent 2 17 chiropractic loans, into the chiropractic loan revolving fund. 2 18 Moneys credited to the fund shall be used to supplement moneys 2 19 appropriated for the chiropractic forgivable loan program, for 2 20 loan forgiveness to eligible chiropractic physicians and to 2 21 pay for loan or interest repayment defaults by eligible 2 22 chiropractic physicians. Notwithstanding section 8.33, any 2 23 balance in the fund on June 30 of any fiscal year shall not 2 24 revert to the general fund of the state. 2 25 Sec. 5. Section 261B.2, subsection 1, Code 1995, is 2 26 amended to read as follows: 2 27 1. "Degree" means a postsecondary credential conferring on 2 28 the recipient the titleor symbol which signifies or purports2 29to signify completion of the requirements of an academic,2 30educational, or professional program of study beyond the2 31secondary school levelof associate, bachelor, master, or 2 32 doctor, or an equivalent title, signifying educational 2 33 attainment based on any one or a combination of study or the 2 34 equivalent experience or achievement testing. A postsecondary 2 35 degree under this chapter shall not include an honorary degree 3 1 or other unearned degree. 3 2 Sec. 6. Section 261B.2, Code 1995, is amended by adding 3 3 the following new subsection: 3 4 NEW SUBSECTION. 1A. "Presence" means maintaining an 3 5 address within Iowa. 3 6 Sec. 7. Section 261B.3, Code 1995, is amended to read as 3 7 follows: 3 8 261B.3 REGISTRATION. 3 9 1. A school that maintains or conducts one or more courses 3 10 of instruction, including courses of instruction by 3 11 correspondence, offered in this state or which has a presence 3 12 in this state and offers courses in other states or foreign 3 13 countries shall register annually with the secretary. 3 14 Registration shall be made on application forms approved and 3 15 supplied by the secretary and at the time and in the manner 3 16 prescribed by the secretary. Upon receipt of a complete and 3 17 accurate registration application, the secretary shall issuea3 18certificate of registrationan acknowledgment of document 3 19 filed and send it to the school. 3 20 2. The secretary may request additional information as 3 21 necessary to enable the secretary to determine the accuracy 3 22 and completeness of the information contained in the 3 23 registration application. If the secretary believes that 3 24 false, misleading, or incomplete information has been 3 25 submitted in connection with an application for registration, 3 26 the secretary may deny registration. The secretary shall 3 27 conduct a hearing on the denial if a hearing is requested by a 3 28 school. The secretary may withholda certificate of3 29registrationan acknowledgment of document filed pending the 3 30 outcome of the hearing. Upon a finding after the hearing that 3 31 information contained in the registration application is 3 32 false, misleading, or incomplete, the secretary shall denya3 33certificate of registrationan acknowledgment of document 3 34 filed to the school. The secretary shall make the final 3 35 decision on each registration.TheHowever, the decision of 4 1 the secretary is subject to judicial review in accordance with 4 2 section 17A.19. 4 3 3. The secretary shall utilize the advisory committee 4 4 created in section 261B.10 in reviewing new and continuing 4 5 registrations. 4 6 4. The secretary shall adopt rules under chapter 17A for 4 7 the implementation of this chapter. 4 8 Sec. 8. NEW SECTION. 261B.3A REQUIREMENT. 4 9 A school offering courses or programs of study leading to a 4 10 degree in the state of Iowa shall be accredited by an agency 4 11 or organization approved or recognized by the United States 4 12 department of education or a successor agency and be approved 4 13 for operation by the appropriate state agencies in all other 4 14 states in which it operates or maintains a presence. A school 4 15 is exempt from this section if the programs offered by the 4 16 school are limited to nondegree specialty vocational training 4 17 programs. 4 18 Sec. 9. Section 261B.4, subsections 2 and 11, Code 1995, 4 19 are amended to read as follows: 4 20 2. The principal location of the school in this state, in 4 21 other states, and in foreign countries, and the location of 4 22 the place or places in this state, in other states, and in 4 23 foreign countries where instruction is likely to be given. 4 24 11. The names or titles and a description of the courses 4 25 and degrees to be offeredin this state. 4 26 Sec. 10. Section 261B.4, Code 1995, is amended by adding 4 27 the following new subsection: 4 28 NEW SUBSECTION. 13. The academic and instructional 4 29 methodologies and delivery systems to be used by the school 4 30 and the extent to which the school anticipates each 4 31 methodology and delivery system will be used, including but 4 32 not limited to, classroom instruction, correspondence, 4 33 electronic telecommunications, independent study, and 4 34 portfolio experience evaluation. 4 35 Sec. 11. Section 261B.8, Code 1995, is amended to read as 5 1 follows: 5 2 261B.8 REGISTRATION FEES. 5 3 The secretary shall collect an initial registration fee of 5 4fiftyone thousand dollars and an annual renewal of 5 5 registration fee oftwenty-fivefive hundred dollars from each 5 6 registered school. 5 7 Sec. 12. Section 261B.10, Code 1995, is amended to read as 5 8 follows: 5 9 261B.10 ADVISORY COMMITTEE. 5 10 The state advisory committee for postsecondary school 5 11 registration is created. The committee shall consist of the 5 12 secretary of state and seven members appointed by the 5 13 coordinating council for post-high school education. Members 5 14 shall serve for staggered four-year terms and shall include 5 15 representatives from public and private two-year and four-year 5 16 colleges, universities, and specialized and vocational 5 17 schools. 5 18 The committee shall meet at least annually to advise the 5 19 secretary and other agencies in matters relating to the 5 20 administration of this chapter and to serve as a resource and 5 21 advisory board to the secretary as needed. The secretary 5 22 shall serve as chairperson of the advisory committee and may 5 23 call meetings and set the agenda as needed. 5 24 Sec. 13. Section 261B.11, Code 1995, is amended by adding 5 25 the following new subsections: 5 26 NEW SUBSECTION. 9. Postsecondary educational institutions 5 27 licensed by the state of Iowa to conduct business in the 5 28 state. 5 29 NEW SUBSECTION. 10. Accredited higher education 5 30 institutions that meet the criteria established under section 5 31 261.92, subsection 1. 5 32 SF 2157 5 33 kh/cc/26
Text: SF02156 Text: SF02158 Text: SF02100 - SF02199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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