53B-12-101 - Utah Higher Education Assistance Authority designated -- Powers.
53B-12-101. Utah Higher Education Assistance Authority designated -- Powers.
The board is the Utah Higher Education Assistance Authority and, in this capacity, maydo the following:
(1) guarantee 100% of the principal of and interest on a loan to or for the benefit of aperson attending or accepted to attend an eligible postsecondary educational institution to assistthat person in meeting any educational expenses incurred in an academic year;
(2) take, hold, and administer real or personal property and money, including interest andincome, 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 andby the acceptance of gifts, grants, bequests, devises, or loans;
(4) enter into or contract with an eligible lending institution, or with a public or privatepostsecondary educational institution to provide for the administration by the institution of anyloan or loan guarantee made by it, including application and repayment provisions;
(5) participate in federal programs guaranteeing, reinsuring, or otherwise supportingloans to eligible borrowers for postsecondary educational purposes and agree to, and complywith, the conditions and regulations applicable to those programs;
(6) adopt, amend, or repeal rules, in accordance with Title 63G, Chapter 3, UtahAdministrative Rulemaking Act, to govern the activities authorized by this chapter;
(7) receive state appropriations for the fund established under Section 53B-12-104 tomatch deposits and to accept contributions received by it for this purpose;
(8) receive funds from the federal government to assist in implementing federallysupported programs administered under this chapter;
(9) engage, appoint, or contract for the services of officers, agents, employees, andprivate consultants to render and perform professional and technical duties and provideassistance and advice in carrying out the purposes of this chapter, to describe their duties, and tofix the amount and source of their compensation; and
(10) receive employment information from the Workforce Development and InformationDivision in accordance with Section 35A-4-312 for the purpose of collecting defaulted studentloans made under this chapter. The information obtained under this Subsection (10) shall belimited to the employer's name, address, and telephone number for borrowers who have defaultedon a student loan held by the Utah Higher Education Assistance Authority.
Amended by Chapter 382, 2008 General Session