§3023.1. Credit unions, savings and loan associations, schools and insurance companies as lending agencies

            A. Credit unions, savings and loan associations, schools and insurance companies domiciled, licensed, or registered to do business in the state of Louisiana shall be eligible as lending agencies in the same manner as banks, under the provisions of this Chapter, except as provided in this Section.

            B. Notwithstanding any other provisions of law, credit unions organized under the laws of the state of Louisiana shall, pursuant to regulations of the commissioner of financial institutions, have the power to make insured loans to students who qualify for a student loan in accordance with the provisions of this Chapter or in accordance with the provisions of any federal law relating to federally insured student loan programs.

            C. Savings and loan associations in Louisiana shall be empowered to make student loans guaranteed by the board up to five percent of their assets in accordance with the provisions of any federal law relating to federally insured student loan programs.

            D. Postsecondary schools in Louisiana shall be empowered to make student loans guaranteed by the board in accordance with the provisions of the Federal Higher Education Act of 1965 as amended or as hereafter amended.

            E. Insurance companies domiciled, licensed, or registered to do business and subject to examination and supervision by an agency of the state shall be empowered to make student loans guaranteed by the board pursuant to the provisions of applicable state laws and the provisions of the Federal Higher Education Act of 1965, as amended or hereafter amended.

            Acts 1983, No. 183, §1, eff. June 24, 1983; Acts 1985, No. 132, §1, eff. June 29, 1985; Acts 2016, No. 314, §3(A).