53B-12-101. Utah Higher Education Assistance Authority designated -- Powers.
The board is the Utah Higher Education Assistance Authority and, in this capacity, may
do the following:
(1) guarantee 100% of the principal of and interest on a loan to or for the benefit of a
person attending or accepted to attend an eligible postsecondary educational institution to assist
that person in meeting any educational expenses incurred in an academic year;
(2) take, hold, and administer real or personal property and moneys, including interest
and income, either absolutely or in trust, for any purpose under this chapter;
(3) acquire property for the purposes indicated in Subsection (2) by purchase or lease and
by the acceptance of gifts, grants, bequests, devises, or loans;
(4) enter into or contract with an eligible lending institution, or with a public or private
postsecondary educational institution to provide for the administration by the institution of any
loan or loan guarantee made by it, including application and repayment provisions;
(5) participate in federal programs guaranteeing, reinsuring, or otherwise supporting
loans to eligible borrowers for postsecondary educational purposes and agree to, and comply
with, the conditions and regulations applicable to those programs;
(6) adopt, amend, or repeal rules, in accordance with Title 63G, Chapter 3, Utah
Administrative Rulemaking Act, to govern the activities authorized by this chapter;
(7) receive state appropriations for the fund established under Section 53B-12-104 to
match deposits and to accept contributions received by it for this purpose;
(8) receive funds from the federal government to assist in implementing federally
supported programs administered under this chapter;
(9) engage, appoint, or contract for the services of officers, agents, employees, and
private consultants to render and perform professional and technical duties and provide
assistance and advice in carrying out the purposes of this chapter, to describe their duties, and to
fix the amount and source of their compensation; and
(10) receive employment information from the Workforce Development and Information
Division in accordance with Section 35A-4-312 for the purpose of collecting defaulted student
loans made under this chapter. The information obtained under this Subsection (10) shall be
limited to the employer's name, address, and telephone number for borrowers who have defaulted
on a student loan held by the Utah Higher Education Assistance Authority.
Amended by Chapter 382, 2008 General Session
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Last revised: Wednesday, July 23, 2008