164A.055 Asset Resolution Corporation -- Purpose -- Powers -- Compensation.
436 words·~2 min read·
/ky/chapter-164a/164a-055A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)As used in this section:
(a)"Board" means the board of directors of the Asset Resolution Corporation;
and
(b)"Corporation" means the Asset Resolution Corporation created in this section.
(2)There is hereby created and established an independent de jure municipal
corporation and political subdivision of the Commonwealth to be known as Asset
Resolution Corporation for the purpose of promoting higher educational
opportunities for the citizens of the Commonwealth by providing debt resolution
services for student loan obligations and any other student loan or student service-
or education-related activity to the extent such activity is not limited or prohibited
by statute or other governing authority.
(3)The corporation shall be governed, managed, and administered as a separate and
distinct instrumentality of the Commonwealth in accordance with this section.
(4)The board shall have the power and authority to:
(a)Sue and be sued;
(b)Promulgate administrative regulations and adopt procedures to implement this
section;
(c)Make and enter into contracts necessary for the administration of the
corporation;
(d)Adopt a corporate seal and change and amend it from time to time;
(e)Make, execute, and effectuate any and all agreements or other documents with
the United States Department of Education, this Commonwealth, any federal
or state agency, or any person, corporation, association, partnership, or other
organization or entity and perform other acts necessary or appropriate for the
effectuation of its rights and duties pursuant to this section;
(f)Carry out the duties and obligations of the corporation pursuant to this
section, and to have any and all other powers as may be reasonably necessary
for the effectuation of the purposes of the corporation;
(g)Adopt bylaws for the conduct of its business, including the designation of
directors, and prescribe rules, regulations, and policies in connection with the
performance of its functions and duties;
(h)Employ consultants, attorneys, counselors, and such employees as may be
required in the judgment of the corporation and to fix and pay their
compensation and benefits;
(i)Provide any service to schools or students related to student education loans,
including but not limited to the areas of financial awareness, counseling,
default aversion or prevention, servicing, and collecting; and
(j)Provide support services for postsecondary education and workforce
development training and programs to students, families, schools, and training
centers.
(5)Board members, except officers or employees of the state, shall receive
compensation for their services in the amount of one hundred dollars ($100) per day for attendance at each board meeting and shall be entitled to payment of any reasonable and necessary expenses actually incurred in discharging their duties under this section.