Arizona Senate Legislation > SB 50 - An Act providing that minor students shall have capacity to contract for educational loans

SB 50 | 30th Legislature, First Regular Session (1971)

An Act providing that minor students shall have capacity to contract for educational loans

Role of Senator O'Connor: Prime sponsor

Signed into law: April 9, 1971

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Transcript

(Automatically generated)

Senate Bill 50 AN ACT

RELATING TO TRADE AND COMMERCE; PROVIDING THAT MINOR STUDENTS SHALL HAVE CAPACITY TO CONTRACT FOR EDUCATIONAL LOANS, AND AMEND ING TITLE 44, CHAPTER 1, ARIZONA REVISED STAT UTES, BY ADDING ARTICLE 3.1.

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 44, chapter 1, Arizona Revised Statutes, is amended by adding article 3.1, sections 44-140 and 44-140.01 to read:

ARTICLE 3.1. UNIFORM MINOR STUDENT CAPACITY TO BORROW ACT

44-140. DEFINITIONS

In this article, unless the context otherwise requires:

  1. "EDUCATIONAL INSTITUTION" MEANS A UNIVERSITY, COLLEGE, COMMUNITY COLLEGE, JUNIOR COLLEGE, HIGH SCHOOL, TECHNICAL, VOCATIONAL OR PROFESSIONAL SCHOOL, OR SIMILAR INSTITUTION, WHEREVER LOCATED, APPROVED OR ACCREDITED FOR THE PURPOSES OF THIS ARTICLE BY THE STATE BOARD OF EDUCATION.

  2. "EDUCATIONAL LOAN" MEANS A LOAN OR OTHER AID OR ASSISTANCE FOR THE PURPOSE OF FURTHERING THF OBLIGOR'S EDUCATION AT AN EDUCATIONAL INSTITUTION.

  3. "PERSON" MEANS INDIVIDUAL, CORPORATION, GOVERNMENT OR GOVERNMENT AL SUBDIVISION OR AGENCY, BUSINESS TRUST, ESTATE, TRUST, PARTNER SHIP OR ASSOCIATION, OR ANY OTHER LEGAL ENTITY.

New Sec. 44-140.01. EDUCATIONAL LOAN; ENFORCEABLE; PREREQUISITES

ANY WRITTEN OBLIGATION SIGNED BY A MINOR SIX TEEN OR MORE YEARS OF AGE IN CONSIDERATION OF AN EDUCATIONAL LOAN RECEIVED BY HIM FROM ANY PERSON IS ENFORCEABLE AS IF HE WERE AN ADULT AT THE TIME OF EXECUTION, BUT ONLY IF PRIOR TO THE MAKING OF THE EDUCATIONAL LOAN AN EDUCATIONAL INSTITUTION HAS CERTIFIED IN WRITING TO THE PER SON MAKING THE EDUCATIONAL LOAN THAT THE MINOR IS ENROLLED, OR HAS BEEN ACCEPTED FOR ENROLLMENT, IN THE EDUCATIONAL INSTITUTION.

Approved by the Governor-April 9, 1971

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