Connecticut Seal

Substitute House Bill No. 5410

Public Act No. 04-225

AN ACT CONCERNING THE CONNECTICUT STUDENT LOAN FOUNDATION.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 10a-201 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2004):

There is hereby created a nonprofit corporation which shall be known as the Connecticut Student Loan Foundation. The purpose of said corporation shall be to improve educational opportunity and promote repayment of loans. Improving educational opportunity shall include, but not be limited to, the following: [(1) Guaranteeing loans to persons who (A) are attending or plan to attend eligible institutions in the state; (B) are residents of the state who are attending or plan to attend eligible institutions outside of the state; or (C) receive loans made by an eligible lender; (2) guaranteeing] (1) Guaranteeing loans for persons to assist them in meeting the expenses of [postsecondary] education; [(3)] (2) lending funds or acquiring loans made to persons to assist them in meeting the expenses of [postsecondary] education; and [(4)] (3) providing appropriate services incident to the administration of programs which are established to improve educational opportunities, all in accordance with the provisions of this chapter. Said corporation shall be exempt from all requirements of chapter 602.

Approved on June 8, 2004