Text: SF02188 Text: SF02190 Text: SF02100 - SF02199 Text: SF 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. } 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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