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164A.055
Asset Resolution Corporation -- Purpose -- Powers -Compensation.
(1)
(2)
(3)
(4)
(5)
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 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;
(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; and
(h) Adopt bylaws for the conduct of its business, including the designation of
directors, and prescribe rules, regulations, and policies in connection with
(6)
the performance of its functions and duties.
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 15, 2014
History: Amended 2014 Ky. Acts ch. 44, sec. 1, effective July 15, 2014. -- Created
2012 Ky. Acts ch. 84, sec. 1, effective July 12, 2012.
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