C.R.S. Section 23-3.1-104
Duties and powers of division

  • rules

(1)

The division shall:

(a)

Promulgate rules and regulations for administration of the Colorado student loan program established by this article, including but not limited to the following:

(I)

Criteria for eligibility of borrowers, lenders, and institutions of higher education to participate in the network;

(II)

Procedures to be followed by participating borrowers, lenders, and institutions of higher education;

(III)

With the advice of the authority created by part 2 of this article, procedures and criteria by which the powers of the division pursuant to section 23-3.1-104.5 may be exercised;

(b)

Approve or arrange for approval of loan applications for guarantee;

(c)

Establish the level of the insurance premium charged to borrowers of guaranteed student loans, not to exceed the amount permitted by federal law;

(d)

Assist lenders in seeking payment from delinquent borrowers;

(e)

Purchase defaulted guaranteed student loans promptly;

(f)

Collect or provide for the collection of defaulted guaranteed student loans purchased from lenders;

(g)

Repealed.

(h)

Train lenders in the requirements of the network;

(i)

Evaluate lender performance in the network;

(j)

Train personnel of institutions of higher education in the requirements of the network;

(k)

Evaluate the performance of institutions of higher education in the network;

(l)

Educate borrowers in the requirements of the network;

(m)

Communicate on a periodic basis with borrowers to inform them of the status of their loans;

(n)

Bill the federal government for administrative allowances and reinsurance payments;

(o)

Repealed.

(p)

Intentionally left blank —Ed.

(I)

At times prescribed by the department of revenue, but not less frequently than annually, certify to the department of revenue information regarding persons who owe a loan repayment to the division, the amount of which has been determined to be owing as a result of a final agency determination or judicial decision pursuant to section 39-21-108 (3), C.R.S., or which has been reduced to judgment.

(II)

Such information shall include the name and social security number of the person owing the debt, the amount of the debt, and any other identifying information required by the department of revenue.

(III)

Upon notification by the department of revenue of amounts deposited with the state treasurer pursuant to section 39-21-108 (3), C.R.S., the state treasurer shall disburse such amounts to the division.

(q)

Intentionally left blank —Ed.

(I)

At least quarterly, certify to the controller information regarding persons who owe a loan repayment to the division.

(II)

Such information shall include the name and social security number of the person owing the debt, the amount of the debt, and any other identifying information required by the controller.

(III)

Upon notification by the controller to the state agency of amounts deposited with the state treasurer pursuant to section 24-30-202.4 (3.5)(a)(V), C.R.S., the state treasurer shall disburse such amounts to the division.

(2)

The division may:

(a)

Permit lenders to require cosigners;

(b)

Provide incentives to lenders, which may include but are not limited to:

(I)

Billing the federal government for interest payments owed to lenders;

(II)

Preparing federal reports required of lenders;

(III)

Guaranteeing, originating, servicing, making, and purchasing consolidation loans and refinancing loans pursuant to the provisions of section 23-3.1-112;

(IV)

Verifying in-school status of students;

(c)

Employ legal counsel;

(d)

Garnish wages of defaulted borrowers;

(e)

Enter into contracts and guarantee agreements with approved lenders, approved institutions of higher education, state and federal governmental agencies, and corporations, including agreements for federal insurance of losses resulting from death, default, bankruptcy, or total and permanent disability of borrowers. Contracts with corporations to provide services shall clearly specify the role and duties of such corporations and may be entered into without regard to the provisions of the “Procurement Code”, articles 101 to 112 of title 24, C.R.S., without regard to the provisions of section 17-24-111, C.R.S., and without regard to the provisions of part 11 of article 30 of title 24, C.R.S.

(f)

Make, originate, disburse, service, or guarantee student loans;

(g)

Establish the level of insurance premium or interest rate charged to the borrowers of student loans;

(h)

Purchase defaulted student loans;

(i)

Collect or provide for the collection of defaulted student loans purchased from lenders;

(j)

and (k) Repealed.

(l)

Advise the commission and the department on matters pertaining to student loans;

(m)

Make and enter into contracts and all other instruments necessary or convenient for the exercise of its powers and functions pursuant to this part 1 without regard to the provisions of the “Procurement Code”, articles 101 to 112 of title 24, C.R.S., without regard to the provisions of section 17-24-111, C.R.S., and without regard to the provisions of part 11 of article 30 of title 24, C.R.S.;

(n)

Do all things necessary or convenient to carry out the purposes of this part 1;

(o)

Repealed.

(p)

Require a lender or institution of higher education to take reasonable corrective action to remedy a violation of applicable laws, regulations, special arrangements, agreements, or limitations, including but not limited to requiring such lender or institution to make payments to the secretary of the United States department of education, the division, or their designated recipients of any funds that the lender or institution improperly received, withheld, or disbursed or caused to be disbursed;

(q)

Establish an investigations unit, which shall have the following powers and duties:

(I)

To conduct investigations, as it deems necessary, to determine whether applications and other data submitted to the division contain any misrepresentations or false statements made for the purpose of cheating or defrauding and to locate defaulted borrowers;

(II)

To investigate, as it deems necessary, alleged violations of any state or federal criminal statute related to fraud committed by any person who has obtained or attempted to obtain or who aids, assists, or abets in obtaining or attempting to obtain student loans or loan guarantees or other money from the division;

(III)

To work in conjunction with the appropriate law enforcement and prosecuting authorities in the investigation and prosecution of cases where evidence of criminal activity exists;

(IV)

To request and obtain information, assistance, and data from any department, division, board, bureau, commission, or other agency of the local, state, or federal government, including, but not limited to, arrest and conviction records available from any law enforcement agency or crime information center pursuant to the provisions of part 3 of article 72 of title 24, C.R.S.

(3)

All rules promulgated by the division pursuant to subsection (1)(a) of this section are subject to section 24-4-103. Any guarantee made pursuant to any rule continues to be governed by the rule in effect at the time when the guarantee was made, whether or not the rule has been continued.

Source: Section 23-3.1-104 — Duties and powers of division - rules, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-23.­pdf (accessed Oct. 20, 2023).

23‑3.1‑101
Legislative declaration
23‑3.1‑102
Definitions
23‑3.1‑103
Division created - director - staff
23‑3.1‑103.5
Enterprise status of division
23‑3.1‑104
Duties and powers of division - rules
23‑3.1‑104.5
Additional powers of division
23‑3.1‑104.7
Restructuring plan - legislative declaration
23‑3.1‑106
Student loan program established
23‑3.1‑106.5
Special funds
23‑3.1‑107
Student loan guarantee fund - created
23‑3.1‑108
Age qualification
23‑3.1‑109
Subject to audit
23‑3.1‑110
Designation as sole state agency
23‑3.1‑111
Authority of division to enter into agreements to provide administrative and guarantee services
23‑3.1‑112
Authority and power of the division to guarantee, originate, service, make, and purchase consolidation loans and refinancing loans
23‑3.1‑201
Legislative declaration
23‑3.1‑202
Definitions
23‑3.1‑203
Authority - creation - membership - transfer of personnel
23‑3.1‑204
Organizational meeting - chairperson - conflict of interest
23‑3.1‑205
Meetings of board - quorum - expenses
23‑3.1‑205.3
Transfer of property
23‑3.1‑205.4
Collegeinvest fund - creation - control - use
23‑3.1‑205.5
Collegeinvest - enterprise status
23‑3.1‑205.7
Department of higher education - executive director - powers and duties
23‑3.1‑206
General powers and duties of the authority
23‑3.1‑206.5
Servicing of student obligations and institutional loans
23‑3.1‑206.7
Prepaid expense program
23‑3.1‑206.9
Colorado collegeinvest scholarship program - administration - fund - policies
23‑3.1‑207
Notes
23‑3.1‑208
Bonds
23‑3.1‑209
Negotiability of bonds
23‑3.1‑210
Security for bonds and notes
23‑3.1‑211
Personal liability
23‑3.1‑212
Purchase
23‑3.1‑213
Payment of bonds and advance payment contracts - limited liability of state
23‑3.1‑214
Exemption from taxation - securities law
23‑3.1‑215
Fees
23‑3.1‑216
Investment of funds
23‑3.1‑217
Proceeds as trust funds
23‑3.1‑217.5
Claims of creditors - exemption
23‑3.1‑218
Agreement of the state not to limit or alter rights of obligees
23‑3.1‑219
Enforcement of rights of bondholders
23‑3.1‑220
Bonds eligible for investment
23‑3.1‑221
Account of activities - receipts for expenditures - report - audit
23‑3.1‑222
Federal social security act
23‑3.1‑223
Powers of authority not restricted
23‑3.1‑224
Contract powers of state-supported institutions of higher education - nonliability of state
23‑3.1‑225
Confidentiality of records
23‑3.1‑226
Policies for promotion and disclosure of program information
23‑3.1‑301
Legislative declaration
23‑3.1‑302
Definitions
23‑3.1‑303
Department - purpose - powers - duties
23‑3.1‑304
Authority - purpose - powers - duties
23‑3.1‑305
Financial institutions - managers - purpose - selection - requirements - contracts
23‑3.1‑306
Accounts - contributions - withdrawals - penalties - statements
23‑3.1‑306.5
College kickstarter account program - funding - administration - financial literacy course - rules - legislative declaration - definitions
23‑3.1‑307
Limitations
23‑3.1‑307.1
Personal liability
23‑3.1‑307.3
Proceeds as trust funds
23‑3.1‑307.4
Claims of creditors - exemption
23‑3.1‑307.5
Confidentiality of records
23‑3.1‑307.9
Policies for promotion and disclosure of program information
23‑3.1‑308
Residency
23‑3.1‑309
Tax exemption
23‑3.1‑311
Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties
Green check means up to date. Up to date

Current through Fall 2024

§ 23-3.1-104’s source at colorado​.gov