164A.055 Asset Resolution Corporation -- Purpose -- Powers -- Compensation

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:

(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.