Kentucky Statutes 164A.055 – Asset Resolution Corporation — Purpose — Powers — Compensation
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(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 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 attached to the Kentucky Higher Education Student Loan Corporation for administrative and reporting purposes and shall be governed, managed, and administered as a separate and distinct instrumentality of the Commonwealth in accordance with this section.
(4) The Kentucky Higher Education Student Loan Corporation and its facilities shall be used and employed in the administration of the corporation, including but not limited to the keeping of records and the employment of staff to assist in the performance of the designated activities of the corporation.
(5) 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) Delegate to the Kentucky Higher Education Student Loan Corporation general supervision and direction over the administrative function of the corporation and its employees in carrying out the policies, programs, administrative regulations, and directives of the board;
(g) 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;
(h) 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;
(i) 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;
(j) 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
(k) Provide support services for postsecondary education and workforce development training and programs to students, families, schools, and training centers.
(6) 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
History: 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.
(a) “Board” means the board of directors of the Asset Resolution Corporation;
Terms Used In Kentucky Statutes 164A.055
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
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 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 attached to the Kentucky Higher Education Student Loan Corporation for administrative and reporting purposes and shall be governed, managed, and administered as a separate and distinct instrumentality of the Commonwealth in accordance with this section.
(4) The Kentucky Higher Education Student Loan Corporation and its facilities shall be used and employed in the administration of the corporation, including but not limited to the keeping of records and the employment of staff to assist in the performance of the designated activities of the corporation.
(5) 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) Delegate to the Kentucky Higher Education Student Loan Corporation general supervision and direction over the administrative function of the corporation and its employees in carrying out the policies, programs, administrative regulations, and directives of the board;
(g) 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;
(h) 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;
(i) 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;
(j) 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
(k) Provide support services for postsecondary education and workforce development training and programs to students, families, schools, and training centers.
(6) 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
History: 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.