N.Y. Education Law § 691: Powers and duties

§ 691. Powers and duties. In furtherance of the purposes set forth in

this part, the corporation shall have the following additional powers

and duties:

1. To market, originate, disburse, service, collect, administer,

guarantee, secure, finance, and purchase education loans not in default

status made under this program or contract for these services.

2. To purchase defaulted education loans made under this program.

3. To establish and maintain one or more default reserve funds and

accounts within such funds, in accordance with the terms of this

program.

4. To develop and administer or contract to administer one or more

financial literacy programs.

5. To provide or contract to provide default aversion services.

6. To establish criteria for eligible colleges, lenders, and other

entities such as, but not limited to, servicers, and to enter into

participation agreements with any such eligible colleges, lenders, and

other entities and any entity authorized to finance the purchase or

making of education loans through the issuance of bonds pursuant to the

public authorities law, and any subsequent purchaser of education loans

made under this program.

7. To establish criteria for all lender underwriting, education loan

purchases, servicing and default insurance payments.

8. To establish criteria for the distribution of education loans made

under this program.

9. To audit lenders, servicers, holders, and eligible colleges for

program compliance.

10. To adopt rules and regulations to implement this program.