(a) The Student Loan Guarantee Foundation of Arkansas, a private nonprofit corporation organized under the laws of this state for the purposes, as stated in its articles of incorporation, "to do any and all necessary things to implement the student loan fund program as provided for in Pub. L. No. 89-329 and in such other programs of like or similar nature which may be established by the federal or state governments in the future", and which has been designated by the Governor and recognized by the federal government as the appropriate agency in this state to administer such student loan programs, is recognized and confirmed as the agency in this state to administer the student loan provisions of that United States law, or comparable laws enacted by the United States Congress, for the purpose of providing guaranteed student loans to citizens of this state attending institutions of higher learning or vocational and technical training schools.
(b)
(1) The provisions of this subchapter recognize and confirm the foundation, a private nonprofit corporation, as the agency in this state to administer the student loan provisions of federal law. The foundation has been recognized as the agency in this state to administer the student loan laws, but that fact did not result in the foundation being made an agency of this state.
(2) The foundation is not a state agency and therefore is not subject to the Arkansas Procurement Law, § 19-11-201 et seq., to the Arkansas Administrative Procedure Act, § 25-15-201 et seq., or to other enactments of the General Assembly which are applicable to state agencies. Therefore, the foundation is not required to deposit into the State Treasury any federal funds or other funds received by it.
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