§ 23-3.1-206 — General powers and duties of the authority

Colorado § 23-3.1-206

• Jurisdiction: Colorado
• Title 23: Postsecondary Education
• Art.: Student Loan Program

Text

(1) In addition to
any other powers and duties specifically granted to the authority in this part 2, the
authority has the following powers:

(a) (Deleted by amendment, L. 2000, p. 1276, � 7, effective May 26, 2000.)

(b) To adopt and from time to time amend or repeal policies for the
regulation of its affairs and the conduct of its business, consistent with the
provisions of this part 2;

(c) to (e) (Deleted by amendment, L. 2000, p. 1276 � 7, effective May 26,
2000.)

(f) To borrow money and issue bonds, notes, bond anticipation notes, or other
obligations and to fund or refund such obligations as provided in this part 2;

(g) To engage the services of private consultants and legal counsel and to
otherwise contract with providers to render professional and technical assistance,
advice, and other services in carrying out the purposes of this part 2 and part 3 of
this article without regard to the provisions of the Procurement Code, articles 101
to 112 of title 24, C.R.S.;

(h) Repealed.

(i) To purchase or participate in the purchase of student obligations;

(j) To sell or participate in the sale of student obligations;

(k) To collect and pay reasonable fees and charges in connection with
making, purchasing, originating, disbursing, and servicing or causing to be made,
purchased, originated, disbursed, or serviced student obligations or institutional
loans by the authority, including payment to the division for services performed for
the authority and pursuant to part 3 of this article without regard to the provisions
of the Procurement Code, articles 101 to 112 of title 24, C.R.S.;

(l) To procure insurance, guarantees, or other credit support with respect to
all student obligations made or purchased or all institutional loans made by the
authority;

(m) To consent, whenever it deems it necessary or desirable in the fulfillment
of its purposes, to the modification of the rate of interest, time of payment of any
installment of principal or interest, or any other terms of any student obligation to
which the authority is a party, but no such consent shall be made or given if its
effect would be to obviate insurance coverage with respect to any student
obligation;

(n) To make and execute contracts, including advance payment contracts
with purchasers and all other instruments necessary or convenient for the exercise
of its powers and functions under this part 2;

(o) To do all things necessary and convenient to carry out the purposes of
this part 2 and of part 3 of this article including funding of grants, scholarships, and
loan forgiveness;

(p) to (r) (Deleted by amendment, L. 2000, p. 1276, � 7, effective May 26,
2000.)

(s) To establish policies, procedures, and criteria to implement and
administer the prepaid expense program;

(t) To assure that nothing shall cause the authority to exceed the limitations
prescribed in section 23-3.1-205.5;

(u) (I) At times prescribed by the department of revenue, but not less
frequently than annually, to certify to the department of revenue information
regarding persons who owe a loan repayment to the division, the amount of which
has been determined to be owing as a result of a final agency determination or
judicial decision pursuant to 39-21-108 (3), C.R.S., or which has been reduced to
judgment.

(II) Such information shall include the name and social security number of
the person owing the debt, the amount of the debt, and any other identifying
information required by the department of revenue.

(III) Upon notification by the department of revenue of amounts deposited
with the state treasurer pursuant to section 39-21-108 (3), C.R.S., the state
treasurer shall disburse such amounts to the division.

(v) To implement and administer, including marketing, the Colorado
collegeinvest scholarship program established in section 23-3.1-206.9;

(w) To deposit moneys into the Colorado collegeinvest scholarship trust
fund; to accept moneys appropriated to the fund by the general assembly; to
accept gifts, grants, and donations from third parties for deposit into the fund; and
to expend moneys from the fund for Colorado collegeinvest scholarships;

(x) To organize entities pursuant to title 7, C.R.S., and transfer funds to the
entities for the purpose of investing the moneys in the Colorado collegeinvest
scholarship trust fund and any other trusts and funds under the authority's control;
and

(y) To develop and administer loan forgiveness programs.

(2) No actions taken by the authority pursuant to this section shall be
interpreted to constitute or become an indebtedness, a debt, or a liability of the
state, nor shall any actions taken by the authority be interpreted to constitute the
giving, pledging, or loaning of the full faith and credit of the state.

Legislative History

Source: L. 79: Entire article added, p. 815, � 1, effective July 1. L. 84: (1)(h) to (1)(l) amended, p. 625, � 21, effective April 10. L. 96: (1)(g) and (1)(n) amended and (1)(p) to (1)(s) added, p. 423, � 3, effective April 22. L. 2000: Entire section amended, p. 1276, � 7, effective May 26. L. 2002: (1)(u) added, p. 101, � 5, effective August 7. L. 2004: (1)(h), (1)(k), and (1)(l) amended, p. 566, � 13, effective July 1. L. 2005: (1)(x) amended, p. 1017, � 13, effective June 2; (1)(t) amended and (1)(v), (1)(w), and (1)(x) added, p. 168, � 2, effective July 1. L. 2008: (1)(g), (1)(k), (1)(o), (1)(v), (1)(w), and (1)(x) amended and (1)(y) added, p. 203, � 2, effective August 5. L. 2010: (1)(o) amended, (HB 10-1428), ch. 390, p. 1830, � 7, effective June 9; (1)(h) repealed, (HB 10-1428), ch. 390, p. 1830, � 6, effective September 30. L. 2011: (1)(y) amended, (HB 11-1281), ch. 180, p. 689, � 13, effective May 19.