Minnesota Administrative Rules

4850.0012 SCHOOL AGREEMENTS AND STUDENT APPLICATIONS.

Subpart 1.

Institutional loan participation agreement.

The eligible school and the commissioner must sign a loan participation agreement that will:

A.

state the eligible school's responsibility for proper certification and delivery of loans to students; and

B.

name a representative of the eligible school who is to be responsible for the administration of the agreement.

Subp. 2.

Termination.

The commissioner may terminate the agreement with an eligible school upon determining that the school is not complying with the rules in parts 4850.0010 to 4850.0024. All obligations of the school under the agreement shall continue in full force and effect with respect to all SELF loans then outstanding to students of the school. The termination of an agreement with a school shall be made pursuant to part 4830.0140.

Subp. 3.

Application and promissory note.

The student shall follow the appropriate SELF application process used at the eligible school. If the commissioner rejects the loan application, the applicant and the cosigner must be advised in writing of the decision and the reasons for the rejection.

Subp. 4.

Release of information.

The following information about the borrower and cosigner will be periodically released to a consumer credit reporting agency throughout the life of the loan:

A.

the lender-assigned borrower identification number, if any;

B.

the name and address of borrower;

C.

the name and address of cosigner;

D.

the date the account is opened;

E.

the outstanding account balance;

F.

the dollar amount past due;

G.

the number of payments past due;

H.

the number of late payments in previous 12 months;

I.

the type of account;

J.

the responsibility for the account; and

K.

the status or remarks code.

Statutory Authority:

MS s 136A.01; 136A.04; 136A.111; 136A.16; 136A.1701; 136A.234

History:

10 SR 1852; 15 SR 1780; 17 SR 1279; 18 SR 1848; 20 SR 2214; 24 SR 389; 32 SR 2268; 35 SR 1092; L 2013 c 99 art 2 s 29

Published Electronically:

July 1, 2013