(1) Notwithstanding any provisions or definitions contained in this article to the contrary, the division is hereby authorized to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans for all persons eligible for the consolidation and refinancing of student loans under Part B of Title IV of the federal 'Higher Education Act of 1965', as amended. For the purposes of this section, 'student loans' means, notwithstanding any provisions of this article to the contrary, those loans eligible for consolidation and refinancing under the federal provisions of Part B of Title IV of the 'Higher Education Act of 1965', as amended.(2) The powers and duties of the division specified in section 23-3.1-104 shall also pertain to the authority of the division with respect to consolidation loans and refinancing loans under this section.L. 87: Entire section added, p. 845, § 2, effective February 26.