C.R.S. Section 23-3.1-107
Student loan guarantee fund

  • created

(1)

Intentionally left blank —Ed.

(a)

There is hereby created in the state treasury a fund to be known as the student loan guarantee fund that shall contain:

(I)

A reserve account for guaranteed student loans that is established to fulfill the functions of the federal student loan reserve fund established by section 422A of the federal “Higher Education Act of 1965”, as amended;

(II)

An operating account that is established to fulfill the functions of the agency operating fund established by section 422B of the federal “Higher Education Act of 1965”, as amended;

(III)

A loan servicing account; and

(IV)

Such other accounts as the division may require.

(b)

The reserve account shall be used only for those purposes permitted by section 422A of the federal “Higher Education Act of 1965”, as amended. All moneys required to be deposited by the division in the federal student loan reserve fund created by said act shall be deposited in the reserve account. The division shall maintain at all times a minimum reserve requirement that is equal to, and calculated in the same manner as, that which is required for the federal student loan reserve fund established by said act. Such minimum reserve requirement may be maintained in cash in such account or in federal reinsurance receivables held by the division.

(c)

The operating account shall be used only for those purposes permitted by section 422B of the federal “Higher Education Act of 1965”, as amended. All moneys required to be deposited by the division in the agency operating fund created by said act shall be deposited in the operating account.

(d)

The loan servicing account shall be used for the deposit of revenues generated by the division’s loan servicing activities and for the payment of expenses related to those activities. Until such time as the division has reached agreement with the federal department of education as to the monetary amount of any federal interest in the loan servicing account, and has made arrangements to satisfy that interest, moneys in the loan servicing account shall be considered the property of the United States. After any federal interest in the loan servicing account has been satisfied pursuant to the agreement, all revenues remaining in the loan servicing account, after payment of expenses attributable to the account, may be transferred to either the operating account or the reserve account for such uses as are permitted for those accounts.

(e)

Other income earned or received by the division that is not required to be deposited in the reserve account or the loan servicing account may be deposited in the operating account, which shall be used to pay staff compensation and other expenses of the division.

(f)

Repealed.

(2)

All moneys deposited or paid into the student loan guarantee fund, including any interest earned from the investment of this fund and income earned or received by the division, shall be continuously available and are hereby appropriated to the division to be expended in accordance with the provisions of this article. Any income or interest earned from the investment of this fund shall be credited to the student loan guarantee fund. Such investment income or interest, together with any other income earned or received by the division, shall be apportioned to each account as required by applicable law and may be used only for the purposes permitted thereby.

Source: Section 23-3.1-107 — Student loan guarantee fund - created, 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

§ 23-3.1-107’s source at colorado​.gov