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47 Montana Attorney General Reports and Opinions 1 (1997-1998)

handle is hein.sag/sagmt0018 and id is 1 raw text is: VOLUME NO. 47 AUDIT - Audit fees owed by Montana Higher Education Student Assistance Corporation; BONDS - Audit fees owed by Montana Higher Education Student Assistance Corporation; EDUCATION, HIGHER - Audit fees owed by Montana Higher Education Student Assistance Corporation; MONTANA CODE ANNOTATED - Title 17, chapter 5, parts 13, 22; sections 17-5- 1302, -1312, -2201; MONTANA LAWS OF 1987 - Chapter 190, sections 2, 13; UNITED STATES CODE - Title 20, section 1087-1(e); title 26, sections 144(b)(1), 146. HELD: The Montana Higher Education Student Assistance Corporation (MHESAC) is not a state bond issuer as that term is used in Montana Code Annotated § 17-5-2201, and therefore the fees provided in that section are not applicable to bonds issued by MHESAC. April 7,1997 Ms. Lois A. Menzies, Director Department of Administration Mitchell Building, Room 155 P.O. Box 200101 Helena, MT 59620-0101 Dear Ms. Menzies: You have requested my opinion on the following question: Is the Montana Higher Education Student Assistance Corporation (MHESAC) a state bond issuer as that term is used in Montana Code Annotated § 17-5-2201? For reasons that follow, I conclude that because MHESAC is a state issuer under Mont. Code Ann. § 17-5-1312(2), it cannot be considered a state bond issuer as that term is used in § 17-5-2201. MHESAC is a private, nonprofit corporation established to provide a statewide student loan program. The Higher Education Act of 1965, Pub. L. No. 89-329, and its subsequent amendments created a national system for making higher education loans available to qualified students while at the same time protecting the makers of the loans from loss or default. The post-1965 amendments to the Higher Education Act authorized the creation of nonprofit corporations to purchase student loans from the initial lenders. 20 U.S.C. § 1087-1(e). These nonprofit corporations were to act as secondary markets for student OPINION NO. 1

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