Montana Code 20-26-1106. No state obligation
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20-26-1106. No state obligation. The legislature is not obligated to appropriate any money to pay for student loan defaults. For the purpose of the student loan program, neither the board nor the agency may obligate the credit of the state.
Terms Used In Montana Code 20-26-1106
- Agency: means the entity designated by the board to administer student loans. See Montana Code 20-26-1101
- Board: means the board of regents of higher education. See Montana Code 20-26-1101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Student loan program: means the program established by the board pursuant to this part. See Montana Code 20-26-1101