2010 Utah Code
Title 53B - State System Of Higher Education
Chapter 12 - Higher Education Assistance Authority
53B-12-102 - Separation of duties, responsibilities, funds, liabilities, and expenses -- Appointment of board of directors -- No state or local debt -- Minors eligible for loans.

53B-12-102. Separation of duties, responsibilities, funds, liabilities, and expenses -- Appointment of board of directors -- No state or local debt -- Minors eligible for loans.
(1) The duties, responsibilities, funds, liabilities, and expenses of the board as the Utah Higher Education Assistance Authority shall be maintained separate and apart from its other duties, responsibilities, funds, liabilities, and expenses.
(2) (a) In order to carry out the obligation of separation of functions required under Subsection (1), the board may appoint a board of directors of the authority, and designate its chairman to govern and manage the authority.
(b) The board of directors consists of not less than five persons, not more than 2/3 of whom may be members of the State Board of Regents.
(c) The board of directors reports to and serves at the pleasure of the State Board of Regents, and has all of the powers, duties, and responsibilities of the Utah Higher Education Assistance Authority except for those expressly retained by the State Board of Regents.
(3) An obligation incurred under this chapter does not constitute a debt of the state or any of its political subdivisions.
(4) (a) A person who would otherwise qualify for a loan guaranteed by the authority is not disqualified because that person is a minor.
(b) For the purpose of applying for, receiving, and repaying a loan, a minor has full legal capacity to act and has all the rights, powers, privileges, and obligations of a person of full age with respect to the loan.

Enacted by Chapter 167, 1987 General Session