ยง 694-a. Miscellaneous. 1. No education loan shall be deemed subject
to section one hundred eight of the banking law, to article nine of the
banking law or to any other provisions of law governing the
qualifications to make loans or the terms or conditions of loans
described in this part, including, without limitation, the interest
rates, fees and charges applicable thereto. Neither the corporation nor
any entity authorized to finance education loans pursuant to the public
authorities law shall be subject to any licensing requirements in
connection with its education lending activities. No entity shall be
considered a lender for purposes of any other provision of law solely as
a result of its interest in an education loan made under this part.
2. Funds may be appropriated to the corporation and/or the state of
New York mortgage agency, or other entity authorized to issue bonds
under this program, for the administration of this program.
3. Interest paid on education loans made under this program shall be
allowed as a deduction in computing the net taxable income of any such
person for purposes of any income or franchise tax imposed by the state
or any political subdivision thereof.
4. Any agreement of an entity authorized to issue bonds under the
public authorities law for purposes of this program to acquire education
loans from a lender shall be subject to the availability to such entity
of funding for such purpose upon terms and conditions approved by such
entity and shall not require the expenditure by such entity of funds
from any source other than amounts obtained through the issuance of
bonds or notes, including earnings thereon, and any appropriations
thereof.
5. The corporation, the state of New York mortgage agency, any lender,
and any public benefit corporation authorized to issue bonds under the
public authorities law for the purposes of this program shall not be
subject to Title 5 of the general obligations law with respect to
education loans and such education loans shall not be subject to such
title.
6. To the extent that the provisions of this part are inconsistent
with the provisions of any other part of this article, the provisions of
this part shall be controlling.