(a)
(1) There is established the Student Loan Authority Division of the Arkansas Development Finance Authority.
(2) The division shall be the instrumentality of the state charged with a portion of the responsibility of the state to provide educational opportunities in keeping with all applicable state and federal laws.
(b) The Arkansas Development Finance Authority shall employ professional and clerical assistance, including loan servicing and legal assistance, as it shall deem necessary or appropriate to properly carry out the responsibilities of the division.
(c) The Arkansas Development Finance Authority may adopt such rules to be followed by the division in conducting business as necessary to carry out the purposes of this subchapter, including rules governing:
(1) Compliance statutes or regulations governing the guaranty, insurance, purchase, or other dealing in guaranteed educational loans or education loans by corporations or federal agencies; and
(2) Standards of eligibility for educational institutions, students, and lenders.
(d) As the successor to the Arkansas Student Loan Authority, the division assumes all obligations under all contracts and debt obligations of the Arkansas Student Loan Authority that are effective or outstanding as of July 1, 2017.
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