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1996 SESSION

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SB 518 Student Assistance Authorities.

Introduced by: Malfourd W. Trumbo | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Student Assistance Authorities. Exempts the Virginia Student Assistance Authorities (VSAA) from the Administrative Process Act (APA). This exemption would enable the VSAA to respond with more flexibility to the financial market. The VSAA would still comply with filing and publication requirements. In addition, technical edits clarify that APA hearing officer requirements do not apply to the VSAA. Under current law, only the award or denial of student loans and determinations for guaranty or defaults were exempt from the informal fact finding provisions of the APA.

The VSAA is comprised of the Virginia Education Loan Authority (VELA) and the State Education Assistance Authority (SEAA). Although designated jointly as the VSAA in 1992 and sharing a common 10-member board, SEAA and VELA nonetheless remained separate political subdivisions. The organizations were preserved to operate in their respective roles: the SEAA as guarantor and the VELA as lender, obviating the need for renewed federal approval to perform these functions. Each authority maintained its own assets, liabilities, and trust funds. VELA was directed to liquidate its assets pursuant to HB 2026 and SB 995 (1995).

This bill is identical to HB 356.


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