California Education Code

§ 94164

EDC § 94164 Effective Jan 1, 2015Div. 10 · Title 3 · Part 59 · Ch. 2 · Art. 4.1

Statute text

Notwithstanding the other provisions of this article, the authority may facilitate the development of a secondary market for a qualified loan under the program by providing security for that loan, thereby increasing participation in the program by financial institutions and improving access to qualified borrowers to refinance private student loans. For purposes of this section, the actions that the authority may take include, but are not necessarily limited to, assigning all or a portion of any loss reserve account to any other entity in connection with providing security for a qualified loan, including a trustee of a securitization trust, transferring a qualified loan from a financial institution to a securitization trust, and assisting underwriters in marketing a qualified loan to the secondary market.

Legislative history

Added by Stats. 2014, Ch. 816, Sec. 2. (AB 2377) Effective January 1, 2015.