Section 109 – Dissolution of authority — Higher Education Student Success Endowment.

• (1) As used in this section:
  • (a) “Authority” means the Utah Higher Education Assistance Authority.
  • (b) “Board” means the board of directors appointed in accordance with Section 53B-12-102.

• (2) The board of directors shall, no later than November 1, 2022, prepare a written analysis and recommendations describing:
  • (a) the most efficient way to discontinue any authority loan servicing and administration;
  • (b) a complete accounting of remaining authority assets, real property, outstanding bonds, and other obligations;
  • (c) recommendations for reorganizing the board of directors for purposes of administering the Utah Educational Savings Plan created in Section 53B-8a-103;
  • (d) actions the authority will take to discontinue participation in federal programs guaranteeing, reinsuring, or otherwise supporting loans for postsecondary educational purposes; and
  • (e) efforts the board of directors is taking and will take toward the dissolution of the authority.

• (3) The board shall divest the authority’s loan portfolio and deposit the proceeds into the Higher Education Student Success Endowment, created in Section 53B-7-802.

Enacted by Chapter 186, 2022 General Session