18A:71C-21.1 Annual report on NJCLASS Loan Program.
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1. The authority shall annually submit to the Governor and to the President of the Senate and the Speaker of the General Assembly a report on the NJCLASS Loan Program. The report shall be submitted no later than August 1 of each year and shall include, but not be limited to, the following information: the principal amount of bonds issued to finance the NJCLASS Loan Program in the prior year and the interest rates offered on those bonds; the total principal amount of authority bonds that are outstanding, the interest rates on the bonds, and the retirement schedule for those bonds; the total number and principal amount of outstanding NJCLASS loans, and the total number and principal amount of NJCLASS loans contracted in the prior year; the total number of NJCLASS loans that are in default and the number that entered default in the prior year; the total number of loan collection lawsuits that have been filed under the program, and the number of loan collection lawsuits that were filed in the prior year and the status of those lawsuits; the number of requests filed in the prior year with the authority for the forgiveness of an NJCLASS loan due to the death or total and permanent disability of the borrower, the number of requests that were granted or denied, and the reasons for the denial of requests; the number of requests filed in the prior year with the authority for a loan deferment, the type of deferment requested by the borrower, the number of requests that were granted or denied, and the reasons for the denial of requests; and the number of forbearance requests filed in the prior year with the authority, the number of requests that were granted or denied, and the reasons for the denial of requests.
L.2017, c.129, s.1.