Iowa Code § 256.201
Security interest in education loans
Redline — January 1, 2024 → current.View current text →
Current — January 1, 2025
As of January 1, 2024
A nonprofit organization qualifying for tax-exempt status under the Internal Revenue Code, as defined in section 422.3, that provides or acquires education loans in the organization’s normal course of business shall, notwithstanding any contrary provision of chapter 554 or other state law, establish and perfect a security interest and establish priority over other security interests in such education loans by filing in the same manner as provided for perfecting a security interest in a student loan pursuant to 20 U.S.C. §1082(m)(1)(E). This section applies to education loans provided under this part by such nonprofit organizations and other education loans provided by such nonprofit organizations.
A nonprofit organization qualifying for tax-exempt status under the Internal Revenue Code, as defined in section 422.3, that provides or acquires education loans in the organization’s normal course of business shall, notwithstanding any contrary provision of chapter 554 or other state law, establish and perfect a security interest and establish priority over other security interests in such education loans by filing in the same manner as provided for perfecting a security interest in a student loan pursuant to 20 U.S.C. §1082(m)(1)(E). This section applies to education loans provided under this part by such nonprofit organizations and other education loans provided by such nonprofit organizations.
C2003, §261.43A
C2003, §261.43A
C2024, §256.201
C2024, §256.201
Section transferred from §261.43A in Code 2024 pursuant to directive in
Section amended
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.