53B-13-103. Powers of Board of Regents.
The board has the powers necessary to carry out the purposes of this chapter, including
the following:
(1) to accept gifts, grants, loans, and other aids or amounts from a person, corporation, or
governmental agency;
(2) to loan money to eligible borrowers to assist them in obtaining a post-high school
education by attending an eligible institution, including refinancing or consolidating obligations
previously incurred by eligible borrowers with other lending sources for this purpose and
participating in loans to eligible borrowers for this purpose with other lending sources;
(3) to acquire, purchase, or make commitments to purchase, and take assignments from
lenders of obligations. No obligation is eligible for acquisition, purchase, or commitment to
purchase by the board unless at or before the time of transfer to the board the lender certifies
either: (a) that, under and to the extent required by rules and regulations of the board, the
proceeds of sale or its equivalent shall be reinvested in other obligations under the student loan
program; or (b) that the obligation was made in anticipation of its sale to the board under rules
and regulations of the board promulgated under this chapter;
(4) to enforce its rights under a contract or agreement including the commencement of
court action;
(5) to acquire, hold, and dispose of real and personal property necessary for the
accomplishment of the purposes of this chapter;
(6) to obtain insurance against losses which may be incurred in connection with its
property, assets, activities, or the exercise of the powers granted under this chapter;
(7) to borrow money and to issue its bonds and provide for the rights of bondholders and
to secure the bonds by assignment, pledge, or granting a security interest in its property including
all or a part of an obligation. The state is not liable for the repayment of bonds issued by the
board. The bonds issued by the board are not a debt of the state, and each bond shall contain on
its face a statement to this effect;
(8) to invest funds not required for immediate use or disbursement as provided in the
State Money Management Act;
(9) subject to a contract with the holders of its bonds, an applicable bond resolution, or a
contract with the recipient of a loan, to consent to the modification, with respect to security, rate
of interest, time of payment of interest or principal, or other term of a bond contract or agreement
between the board and a recipient of a loan, bondholder, or agency or institution guaranteeing the
repayment of an obligation;
(10) to engage and appoint officers, agents, employees, and other private consultants to
render and perform professional and technical duties, 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;
(11) to make rules and regulations governing the activities authorized under this chapter;
(12) to solicit grants and contributions from the public or from any government or
governmental agency and to arrange for the guaranteeing of the repayment of obligations by other
agencies of this state or the United States;
(13) to collect fees and charges in connection with its loans, commitments, and servicing,
including reimbursement of the costs of financing, service charges, and insurance premiums
which are determined as reasonable and are approved by the board;
(14) to sell obligations held by the board at such prices and at such times as it may
determine, when that sale would not impair the rights or interests of holders of bonds issued by
the board; and
(15) to participate in federal programs supporting loans to eligible borrowers and to agree
to, and comply with, the conditions of those programs.
Enacted by Chapter 167, 1987 General Session
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Last revised: Wednesday, July 23, 2008