No. 29142: R765-612. Lender Participation

DAR File No.: 29142
Filed: 10/20/2006, 12:10
Received by: NL

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Title 53B, Chapter 12: Establishment of a student loan guaranty agency and associated activities allows individual lender participation in the U.S. Department of Education's Federal Family Education Loan Program (FFELP). This rule defines lender eligibility for lenders in Utah who wish to participate in the FFELP.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No written comments have been received in the past five years from any individual or organization either supporting or opposing this rule.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

Continuation of this rule provides lenders in Utah, both banks and credit unions, that wish to offer federal student loans to current and prospective customers, an understanding of the definitions and policies that pertain to the participation in the guaranty of such federal student loans through the Utah Higher Education Assistance Authority.

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Regents (Board Of)
Administration
BOARD OF REGENTS BUILDING, THE GATEWAY
60 SOUTH 400 WEST
SALT LAKE CITY UT 84101-1284

Direct questions regarding this rule to:

Ronell Crossley at the above address, by phone at 801-321-7291, by FAX at 801-321-7299, or by Internet E-mail at [e-mail]

Authorized by:

Mark H. Spencer, Associate Commissioner