Download as PDF
164A.055 Asset Resolution Corporation -- Purpose -- Powers -- Compensation.
(1)
(2)
(3)
(4)
(5)
(6)
As used in this section:
(a) "Board" means the board of directors of the Kentucky Higher Education
Student Loan Corporation acting in the capacity of the board of directors of
Asset Resolution Corporation; and
(b) "Corporation" means the Asset Resolution Corporation created in this section.
There is hereby created an instrumentality of the Commonwealth to be known as
Asset Resolution Corporation for the purpose of promoting higher educational
opportunities for the citizens of the Commonwealth by providing debt resolution
services for student loan obligations held by the United States Department of
Education or other third-party entities and any other related activity to the extent
such activity is not limited or prohibited by statute or other governing authority.
The corporation shall be attached to the Kentucky Higher Education Student Loan
Corporation for administrative and reporting purposes and shall be governed,
managed, and administered as a separate and distinct instrumentality of the
Commonwealth in accordance with this section.
The Kentucky Higher Education Student Loan Corporation and its facilities shall be
used and employed in the administration of the corporation, including but not
limited to the keeping of records and the employment of staff to assist in the
performance of the designated activities of the corporation.
The board shall have the power and authority to:
(a) Sue and be sued;
(b) Promulgate administrative regulations and adopt procedures to implement this
section;
(c) Make and enter into contracts necessary for the administration of the
corporation;
(d) Adopt a corporate seal and change and amend it from time to time;
(e) Make, execute, and effectuate any and all agreements or other documents with
the United States Department of Education, this Commonwealth, any federal
or state agency, or any person, corporation, association, partnership, or other
organization or entity and perform other acts necessary or appropriate for the
effectuation of its rights and duties pursuant to this section;
(f) Delegate to the Kentucky Higher Education Student Loan Corporation general
supervision and direction over the administrative function of the corporation
and its employees in carrying out the policies, programs, administrative
regulations, and directives of the board; and
(g) Carry out the duties and obligations of the corporation pursuant to this section,
and to have any and all other powers as may be reasonably necessary for the
effectuation of the purposes of the corporation.
Board members, except officers or employees of the state, shall receive
compensation for their services in the amount of one hundred dollars ($100) per day
for attendance at each board meeting and shall be entitled to payment of any
reasonable and necessary expenses actually incurred in discharging their duties
under this section.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 84, sec. 1, effective July 12, 2012.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
