The board of educational finance [commission on higher education [higher education department]] may contract with one or more attorneys or law firms or with any other private business concern to assist the board [commission [department]] in collecting any defaulted loan made pursuant to the Student Loan Act [ 21-21-1 to 21-21-13 NMSA 1978] or the Student Loan Guarantee Act [ 21-21-14 to 21-21-24 NMSA 1978]. No contract shall be entered into pursuant to this section unless proposals have been sought from two or more qualified firms.
§ 21-21-25 NMSA 1978
Collection of student loans; contracts authorized
1978 Comp., § 21-21-25, enacted by Laws 1978, ch. 110, § 12.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.