Section 457-205-4 - Participation AgreementThe Authority shall enter into a participation agreement with each successful applicant, which shall set out the terms and conditions of the financial institution's receipt of an allocation of the bond proceeds. The participation agreement must require:
A. That the financial institution provide periodic reporting on the status of the loans made to borrowers with the bond proceeds;B. That the financial institution meet certain public policy goals and provide periodic reporting on each of the public policy goals established.C. That the financial institution will pass through repayment of the education loans by the borrower to the authority net of any reasonable expenses the authority determines the financial institution may retain for its services.D. That the financial institution shall maintain separate books and records with respect to its participation in the program, which the authority may review in order to audit the participating financial institution's disbursement of bond proceeds and reporting of the public benefit.E. Such other terms and conditions as the authority may require.94- 457 C.M.R. ch. 205, § 4