53B-13-103 - Powers of Board of Regents.
53B-13-103. Powers of Board of Regents.
The board has the powers necessary to carry out the purposes of this chapter, includingthe following:
(1) to accept gifts, grants, loans, and other aids or amounts from a person, corporation, orgovernmental agency;
(2) to loan money to eligible borrowers to assist them in obtaining a post-high schooleducation by attending an eligible institution, including refinancing or consolidating obligationspreviously incurred by eligible borrowers with other lending sources for this purpose andparticipating in loans to eligible borrowers for this purpose with other lending sources;
(3) to acquire, purchase, or make commitments to purchase, and take assignments fromlenders of obligations. No obligation is eligible for acquisition, purchase, or commitment topurchase by the board unless at or before the time of transfer to the board the lender certifieseither: (a) that, under and to the extent required by rules and regulations of the board, theproceeds of sale or its equivalent shall be reinvested in other obligations under the student loanprogram; or (b) that the obligation was made in anticipation of its sale to the board under rulesand regulations of the board promulgated under this chapter;
(4) to enforce its rights under a contract or agreement including the commencement ofcourt action;
(5) to acquire, hold, and dispose of real and personal property necessary for theaccomplishment of the purposes of this chapter;
(6) to obtain insurance against losses which may be incurred in connection with itsproperty, 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 andto secure the bonds by assignment, pledge, or granting a security interest in its property includingall or a part of an obligation. The state is not liable for the repayment of bonds issued by theboard. The bonds issued by the board are not a debt of the state, and each bond shall contain onits face a statement to this effect;
(8) to invest funds not required for immediate use or disbursement as provided in theState Money Management Act;
(9) subject to a contract with the holders of its bonds, an applicable bond resolution, or acontract with the recipient of a loan, to consent to the modification, with respect to security, rateof interest, time of payment of interest or principal, or other term of a bond contract or agreementbetween the board and a recipient of a loan, bondholder, or agency or institution guaranteeing therepayment of an obligation;
(10) to engage and appoint officers, agents, employees, and other private consultants torender and perform professional and technical duties, assistance, and advice in carrying out thepurposes of this chapter, to describe their duties, and to fix the amount and source of theircompensation;
(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 orgovernmental agency and to arrange for the guaranteeing of the repayment of obligations by otheragencies 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 premiumswhich 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 maydetermine, when that sale would not impair the rights or interests of holders of bonds issued bythe board; and
(15) to participate in federal programs supporting loans to eligible borrowers and to agreeto, and comply with, the conditions of those programs.
Enacted by Chapter 167, 1987 General Session