Sec. 15. Upon payment by the commission of the guaranteed part of the loss upon a default by a borrower, the commission shall be subrogated to the rights of the holder of the obligation upon the insured loan and is entitled to an assignment of the note or other evidence of the guaranteed loan by the holder.
[Pre-2007 Higher Education Recodification Citation: 20-12-21.1-6(b).]
As added by P.L.2-2007, SEC.257.
Structure Indiana Code
Article 16. Earn Indiana Program; Student Loans; Legal Capacity to Contract for Student Loans
Chapter 4. Guaranteed Student Loan Program
21-16-4-1. Eligible Institutions; Approval by the Commission
21-16-4-2. Criteria for Approved Lenders
21-16-4-3. Lender Conditions; Guarantee Percentage; Interest Rate
21-16-4-5. Contracts and Guaranty Agreements
21-16-4-7. Eligible Institution's Qualified Status; Removal; Review
21-16-4-8. Collection of Insurance Premium
21-16-4-9. Administration of Loan Program
21-16-4-10. Eligibility Criteria Violation Procedures
21-16-4-11. Student Loan Program Fund; Administration
21-16-4-14. Default; Procedures
21-16-4-15. Payment on Loss; Subrogation Rights
21-16-4-16. Holder of Guarantee Loans; Duties
21-16-4-17. Dissolution of Loan Program
21-16-4-18. Legal Representation; Attorney General; Private Attorney