{"data":{"id":"us-ky/krs-164a.055","jurisdiction":"us-ky","citation":"KRS 164A.055","heading":"Asset Resolution Corporation -- Purpose -- Powers -- Compensation.","body":"(1) As used in this section:\n(a) \"Board\" means the board of directors of the Asset Resolution Corporation;\nand\n(b) \"Corporation\" means the Asset Resolution Corporation created in this section.\n(2) There is hereby created and established an independent de jure municipal\ncorporation and political subdivision of the Commonwealth to be known as Asset\nResolution Corporation for the purpose of promoting higher educational\nopportunities for the citizens of the Commonwealth by providing debt resolution\nservices for student loan obligations and any other student loan or student service -\nor education-related activity to the extent such activity is not limited or prohibited\nby statute or other governing authority.\n(3) The corporation shall be governed, managed, and administered as a separate and\ndistinct instrumentality of the Commonwealth in accordance with this section.\n(4) The board shall have the power and authority to:\n(a) Sue and be sued;\n(b) Promulgate administrative regulations and adopt procedures to implement this\nsection;\n(c) Make and enter into contracts necessary for the administration of the\ncorporation;\n(d) Adopt a corporate seal and change and amend it from time to time;\n(e) Make, execute, and effectuate any and all agreements or other documents with\nthe United States Department of Education, this Commonwealth, any federal\nor state agency, or any person, corporation, association, partnership, or other\norganization or entity and perform other acts necessary or appropriate for the\neffectuation of its rights and duties pursuant to this section;\n(f) Carry out the duties and obligations of the corporation pursuant to this\nsection, and to have any and all other powers as may be r easonably necessary\nfor the effectuation of the purposes of the corporation;\n(g) Adopt bylaws for the conduct of its business, including the designation of\ndirectors, and prescribe rules, regulations, and policies in connection with the\nperformance of its functions and duties;\n(h) Employ consultants, attorneys, counselors, and such employees as may be\nrequired in the judgment of the corporation and to fix and pay their\ncompensation and benefits;\n(i) Provide any service to schools or students related to stud ent education loans,\nincluding but not limited to the areas of financial awareness, counseling,\ndefault aversion or prevention, servicing, and collecting; and\n(j) Provide support services for postsecondary education and workforce\ndevelopment training and programs to students, families, schools, and training\ncenters.\n(5) Board members, except officers or employees of the state, shall receive\ncompensation for their services in the amount of one hundred dollars ($100) per day\nfor attendance at each board meeti ng and shall be entitled to payment of any\nreasonable and necessary expenses actually incurred in discharging their duties\nunder this section.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"502af38c075f86dbc50e1a03aa6938028923e4b19f4db78ddbea81fe147778ee","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.050","next":"us-ky/krs-164a.060"},"notice":"GroundRules: Original legal text. Not legal advice."}