§ 16-57-4. Authorization and powers.

(a) The office of the commissioner of postsecondary education is hereby granted and authorized to use all of the powers set forth in this chapter for the purposes of guaranteeing eligible loans to students in eligible institutions and to parents of those students and administering other programs of postsecondary student financial assistance assigned by law to the commissioner of postsecondary education.

(b) The exercise by the commissioner of postsecondary education of the powers conferred by this chapter shall be deemed and held to be the performance of an essential governmental function of the state for public purposes. It is the intent of the general assembly by the passage of this chapter to vest in the commissioner all powers, authority, rights, privileges, and titles that may be necessary to enable it to accomplish the purposes set forth in this section and this chapter, and the powers granted by it shall be liberally construed in conformity with these purposes.

(c) Except as provided in § 16-57-6.1, effective July 1, 2025, or upon approval by the U.S. Department of Education, whichever is later:

(1) All functions formerly administered by the Rhode Island higher education assistance authority and by the Rhode Island division of higher education assistance are hereby transferred to the office of postsecondary commissioner;

(2) The office of postsecondary commissioner shall assume all rights, duties, assets, liabilities, and obligations of the former Rhode Island higher education assistance authority and the Rhode Island division of higher education assistance. The office of postsecondary commissioner shall be considered to be the successor in interest to both the Rhode Island higher education assistance authority and the Rhode Island division of higher education assistance; and

(3) All contracts and agreements of whatsoever kind of the Rhode Island higher education assistance authority and by the Rhode Island division of higher education assistance are hereby assigned, transferred to, and assumed by the office of postsecondary commissioner.

(d) Upon the completion of the transfer, the Rhode Island division of higher education assistance shall cease to exist. Whenever in any general law, public law, or rule or regulation reference is made to the €œRhode Island higher education assistance authority,€ or the €œRhode Island division of higher education assistance,€ the reference shall be deemed to refer to and mean the office of postsecondary commissioner.