No. 27841: R765-626. Lender-of-Last-Resort Program

DAR File No.: 27841
Filed: 04/26/2005, 01:55
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:

This rule is enacted under: Title 53B, Chapter 12; Title IV of the Higher Education Act of 1965, as amended; and 34 CFR Part 682.401(c). Specifically, 34 CFR 682.401(c) requires a lender-of-last-resort be designated for each state to assure access to the Federal Family Education Loan Program (FFELP) for eligible student and parent borrowers.

 

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 comments were received on this rule during the past five years.

 

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

This rule is necessary to adhere to federal regulations that require a student loan guaranty agency, or an eligible lender, to serve as a lender-of-last-resort in each state. As the Utah Higher Education Assistance Authority, under the direction of the State Board of Regents, is the designated guarantor for Utah, the renewal of this rule will assure access to the FFELP in the event an otherwise eligible student or parent borrower who qualifies for interest benefits is unable to obtain a FFELP loan by an approved lender.

 

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