Effective 3/22/2022 53B-12-101. Utah Higher Education Assistance Authority designated — Powers. The board is the Utah Higher Education Assistance Authority and, in this capacity, may, subject to Section 53B-12-109, do the following: (1) guarantee 100% of the principal of and interest on a loan to or for the benefit of a person attending or accepted […]
Effective 7/1/2020 53B-12-102. Separation of duties, responsibilities, funds, liabilities, and expenses — Appointment of board of directors — No state or local debt — Minors eligible for loans. (1) As used in this section, “fiduciary or commercial information” means information: (a) related to any subject if the disclosure of the information: (i) would conflict with […]
53B-12-103. Gifts by persons, corporations, and associations — Tax deduction. (1) A person, domestic corporation, or association organized for the purpose of carrying on business in this state may, regardless of the provisions of any certificate of incorporation, charter, or other articles of organization, make contributions, gifts, grants, bequests, devises, or loans to the authority. […]
53B-12-104. Guarantee Fund — Sources — Use — Valuation and restoration of assets — Other funds. (1) The authority shall establish the Utah Higher Education Assistance Authority Guarantee Fund from the following sources: (a) insurance premiums; (b) money appropriated and made available by the state for the purpose of the guarantee fund; (c) money directed […]
53B-12-105. Agreement with loan holders — Terms unalterable. (1) The rights vested in the board to fulfill the terms of an agreement made with the holder of a guaranteed loan shall not be limited or altered nor shall the rights and remedies of the holder be impaired in any manner until the guaranteed loan is […]
53B-12-106. Guarantee agreements and expenses limited to funds of the authority. (1) The guarantee of a loan under this chapter shall not be considered the loaning of credit of the state or any of its political subdivisions nor shall it be payable from funds other than those of the authority. (2) A guarantee agreement shall […]
Effective 5/14/2019 53B-12-107. Annual report — Annual audit — Reimbursement of state auditor. (1) Following the close of each fiscal year, the authority shall submit an annual report of the authority’s activities for the preceding year to the governor and the Higher Education Appropriations Subcommittee. (2) Each report shall include a complete operating and financial […]
53B-12-108. State grants to the authority. (1) The state may make grants of money or property to the authority to enable it to carry out its purposes and exercise its powers, including grants to the Utah Higher Education Assistance Authority Guarantee Fund. (2) This section does not limit the power the state has to make […]
Effective 3/22/2022 53B-12-109. 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 […]
