{"data":{"id":"us-ky/krs-164a.060","jurisdiction":"us-ky","citation":"KRS 164A.060","heading":"Powers of corporation.","body":"The corporation shall have all of the powers necessary or convenient to carry out and\neffectuate the purposes and provisions of this chapter, including, but without limiting the\ngenerality of the foregoing, the following powers:\n(1) To make or participate in the making of student loans;\n(2) To purchase or participate in the purchase of student loans, which purchase may be\nfrom eligible lenders;\n(3) To sell or participate in the sale of student loans, which sale may be to eligible\nlenders or to the student loan marketing association;\n(4) To collect and pay reasonable fees and charges in connection with making,\npurchasing, and servicing or causing to be made, purchased, or serviced student\nloans by the corporation, including payment to the guarantee agency for  services\nperformed for the corporation;\n(5) To procure insurance in respect of all student loans made or purchased by the\ncorporation;\n(6) To consent whenever it deems it necessary or desirable in the fulfillment of its\ncorporate purposes to the modificat ion of the rate of interest, time of payment of\nany installment of principal or interest or any other terms of any student loan to\nwhich the corporation is a party; provided, that no such consent shall be made or\ngiven if the effect of same would be to obv iate insurance coverage in respect of any\nstudent loan;\n(7) To include in any borrowing such amounts as may be deemed necessary by the\ncorporation to pay financing charges, interest on its obligations for a period not\nexceeding two (2) years from their dat e, consulting, advisory and legal fees, and\nsuch other expenses as are necessary or incident to any such borrowing;\n(8) To make and publish rules and regulations respecting its lending programs and such\nother rules and regulations as are necessary to effectuate its corporate purposes;\n(9) To make, execute, and effectuate any and all agreements or other documents with\nany federal or state agency or any person, corporation, association, partnership, or\nother organization or entity and perform other acts neces sary or appropriate to\naccomplish effectively the purposes of this chapter;\n(10) To accept appropriations, loans, grants, revenue sharing, devises, gifts, bequests and\nfederal grants, and any other aid from any source whatsoever and to agree to, and to\ncomply with, conditions incident thereto;\n(11) To sue and be sued in its own name and to plead and be impleaded;\n(12) To maintain an office in the city of Frankfort, Kentucky, in conjunction with or in\nclose proximity to the Kentucky Higher Education Assistance Authority and such\nother regional offices as may be required;\n(13) To adopt an official seal and alter the same at pleasure;\n(14) To adopt bylaws for the regulation of its affairs and the conduct of its business and\nto prescribe rules, regulations, and policies in connection with the performance of\nits functions and duties;\n(15) To employ fiscal consultants, attorneys, counselors, and such other consultants and\nemployees as may be required in the judgment of the corporation and to fix and pay\ntheir compensation;\n(16) To invest any funds held in reserves or in sinking fund accounts or  any moneys not\nrequired for immediate disbursement in obligations guaranteed by the United States\nor its agencies and instrumentalities; provided, however, that the return on such\ninvestments shall not be violative of any laws and regulations regarding in vestment\nof the proceeds of any federal tax-exempt bond issue;\n(17) To issue its bonds and notes for the purpose of carrying out its corporate powers\nand duties as set forth in this chapter;\n(18) To service and collect educational loans for other lenders, holders, and educational\ninstitutions; and\n(19) Except where specifically prohibited by law, to secure data from any other\nCommonwealth of Kentucky agency or instrumentality or from any other source in\nfurtherance of any purposes of the corporation related  to any program or function\nadministered by the corporation.","path":["KRS Chapter 164A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54152","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:19Z","sha256":"3223c6c153e0a157102dbd8315d2543bfcbfd6647a64005c5d6a36cf0bc5601e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-164a.055","next":"us-ky/krs-164a.065"},"notice":"GroundRules: Original legal text. Not legal advice."}