The "teacher loan for service fund" is created in the state treasury. Money appropriated for loans pursuant to the Teacher Loan for Service Act; earnings from investment of the fund; gifts, grants and donations to the fund; and all payments of principal and interest on loans made pursuant to that act shall be deposited in the fund. Money in the fund shall not revert at the end of a fiscal year. The fund shall be administered by the commission [department]. All payments of money for loans shall be made on warrants drawn by the secretary of finance and administration pursuant to vouchers signed by the commission's [department's] designated representative.
History: Laws 2001, ch. 288, § 8.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
For designation of the commission on higher education as the higher education department, see 9-25-4.1 NMSA 1978.
Effective dates. — Laws 2001, ch. 288, § 11 made the Teacher Loan for Service Act effective July 1, 2001.
Structure 2021 New Mexico Statutes
Chapter 21 - State and Private Education Institutions
Article 22E - Teacher Loan for Service
Section 21-22E-1 - Short title.
Section 21-22E-3 - Definitions.
Section 21-22E-4 - Teacher student loans authorized; qualifications.
Section 21-22E-5 - Delegation of duties to other state agencies.
Section 21-22E-6 - Teacher loans; contract terms; repayment.
Section 21-22E-7 - Contracts; legal assistance; enforcement.
Section 21-22E-8 - Fund created; method of payment.