Section 164A.055 - Asset Resolution Corporation - Purpose - Powers - Compensation(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:(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.Effective: June 29, 2021
Amended 2021 Ky. Acts ch. 79, sec. 4, effective June 29, 2021. -- Amended 2014 Ky. Acts ch. 44, sec. 1, effective July 15, 2014. -- Created 2012 Ky. Acts ch. 84, sec. 1, effective July 12, 2012.
Amended by 2024 Ky. Acts ch. 5,§ 3, eff. 3/14/2024.Amended by 2021 Ky. Acts ch. 79,§ 4, eff. 6/29/2021.Amended by 2014 Ky. Acts ch. 44,§ 1, eff. 7/15/2014.Added by 2012 Ky. Acts ch. 84,§ 1, eff. 7/11/2012.