Text: HSB00588 Text: HSB00590 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 261.43A SECURITY INTEREST IN 1 2 EDUCATION LOANS. 1 3 A nonprofit organization qualifying for tax-exempt status 1 4 under the Internal Revenue Code, as defined in section 422.3, 1 5 that provides or acquires education loans in the 1 6 organization's normal course of business shall, 1 7 notwithstanding any contrary provision of chapter 554 or other 1 8 state law, establish and perfect a security interest and 1 9 establish priority over other security interests in such 1 10 education loans by filing in the same manner as provided for 1 11 perfecting a security interest in a student loan pursuant to 1 12 20 U.S.C. } 1087-2(d)(3). This section applies to education 1 13 loans provided under this chapter by such nonprofit 1 14 organizations and other education loans provided by such 1 15 nonprofit organizations. 1 16 EXPLANATION 1 17 This bill authorizes a tax-exempt nonprofit organization 1 18 that provides or acquires education loans to establish and 1 19 perfect a security interest and priority over other security 1 20 interests in the loans, notwithstanding any contrary provision 1 21 of the uniform commercial code contained in Code chapter 554 1 22 or other state law, in the same manner as provided for 1 23 perfecting a security interest in a student loan pursuant to 1 24 20 U.S.C. } 1087-2(d)(3). That federal provision provides, 1 25 among other methods, for perfection of a security interest by 1 26 the filing of notice of the security interest. The bill 1 27 provides that the security interest may be established and 1 28 perfected for any education loan provided by the organization, 1 29 including such loans provided under Code chapter 261. 1 30 LSB 5711HC 79 1 31 rn/pj/5
Text: HSB00588 Text: HSB00590 Text: HSB00500 - HSB00599 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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