Lender rights subject to rules and regulations

No lender and no class, type, or group of ‘‘eligible lenders,’’ as such term is defined in the federal act, shall have a vested right to be approved by the corporation as a ‘‘lender’’ for purposes of the program, except in accordance with rules and regulations prescribed by the corporation. (Code 1933, § 32-3319, enacted by Ga. L. 1980, p. 835, § 2; Ga. L. 1981, p. 735, § 26.) 20-3-278. Reports as to loan commitment agreements; statements to borrowers; administration fees; reports of agreement terminations. Reserved. Repealed by Ga. L. 1987, p. 378, § 2, effective April 2, 1987. Editor’s notes. — This Code section was based on Code 1933, § 32-3320, as enacted by Ga. L. 1980, p. 835, § 2; and Ga. L. 1982, p. 3, § 20. Ga. L. 2016, p. 864, § 20/HB 737, effective May 3, 2016, part of an Act to revise, modernize, and correct the Code, reserved the designation of this Code section. 20-3-279. Persons forbidden to engage in business of furnishing educational loan information or assistance. It shall not be permissible for any stockholder, director, officer, employee, agent, commissioned salesman, consultant, or other person in the employment of, or who for a valuable consideration serves the interests of, a lender or a school in this state or the corporation, the commission, or the authority to be engaged in this state in the business of providing, or to have any financial interest in any corporation, association, partnership, or other organization that is engaged in this state in the business of providing, in consideration of the receipt of a fee, commission, charge, or other valuable consideration from any source, contingent or otherwise, to students or parents of students information about or assistance in applying for or obtaining educational loan assistance under this part. (Code 1933, § 32-3321, enacted by Ga. L. 1980, p. 835, § 2.) 187 20-3-283 20-3-280. Lender and school audits; program reviews; corrective actions.