(A) Notice procedure. The procedure of the director of development for giving public notice relative to the adoption, amendment or rescission of rules shall be as set forth in Chapter 119. of the Revised Code.
(B) Purpose. The purpose of this chapter is to establish policy guidelines for implementing a program to make education loans available to eligible borrowers which will expand opportunities for higher education by fostering the provision of education loans in addition to the financial assistance otherwise available to students. The program will be implemented pursuant to the findings set forth in section 3366.02 of the Revised Code, that a need exists to stimulate the provision of education loans, and that fostering the making of such education loans supplemental to other loans is a proper public purpose, is in the public interest, is essential to the general welfare and growth of this state, and is consistent with the policy of promoting the education of state residents and supporting educational institutions within this state. Expanding educational opportunities for students by facilitating the making of education loans will be accomplished through the sale of obligations by the issuing authority, the proceeds of which will provide funds for the purchase of education loans.
(1) Chapter 3366. of the Revised Code authorizes the issuing authority to issue obligations for the purpose of providing funds for the purchase of education loans by a designated administrator. The director has adopted the rules in this chapter to set forth the general requirements and procedures applicable to the funding of education loans that are eligible for purchase.
(2) Proceeds of obligations issued by the issuing authority shall not be used to provide funding for the purchase of any education loan unless the education loan satisfies the requirements set forth in and pursuant to the rules in this chapter. Compliance with the rules in this chapter does not create any right by a borrower to a commitment or assurance that an education loan will be provided through the program.