Text: SF02188                           Text: SF02190
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index



Senate File 2189

Partial Bill History

Bill Text

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. } 1082(m)(l)(E).  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. } 1082(m)(l)(E).  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 5711SV 79
  1 31 rn/pj/5
     

Text: SF02188                           Text: SF02190
Text: SF02100 - SF02199                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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