C.R.S. Section 23-3.1-203
Authority

  • creation
  • membership
  • transfer of personnel

(1)

Effective May 26, 2000, the authority shall be transferred to the department of higher education, and shall become a division thereof. Except as otherwise provided in this article, on and after May 26, 2000, the authority shall exercise its powers, duties, and functions under the department of higher education as if it were transferred by a
type 2
transfer under the provisions of the “Administrative Organization Act of 1968”, article 1 of title 24, C.R.S. The director shall be appointed by the executive director, shall function as the executive officer of the authority, and shall also be director of the student loan division. The director, with the approval of the executive director, shall employ such professional and clerical personnel as may be deemed necessary to carry out the duties and functions of the authority. Such personnel shall receive compensation for their services as determined by the director. The director and all personnel of the authority are declared to hold educational offices and to be exempt from the state personnel system.

(2)

Intentionally left blank —Ed.

(a)

Effective May 26, 2000, the board of directors of the authority, as it existed prior to May 26, 2000, shall be transferred with the authority to the department of higher education. The board continues to consist of nine members who are appointed by the governor, with the consent of the senate. Such members must be residents of the state. The term of office of each member is four years; except that the terms shall be staggered so that no more than three members’ terms expire in the same year. Each member shall serve until a successor has been appointed by the governor. Any member is eligible for reappointment. The governor shall fill any vacancy by appointment for the remainder of an unexpired term. Any member appointed by the governor when the general assembly is not in regular session, whether appointed for an unexpired term or for a full term, shall be deemed to be duly appointed and qualified until the appointment of such member is approved or rejected by the senate. Such appointment shall be submitted to the senate for its approval or rejection during the next regular session of the general assembly following the appointment.

(b)

Any member of the board appointed by the governor may be removed by the governor.

(3)

Intentionally left blank —Ed.

(a)

On and after July 1, 2004, the division of the department of higher education known prior to said date as the Colorado student obligation bond authority shall be formally and legally known as and designated collegeinvest.

(b)

On and after July 1, 2004, whenever the Colorado student obligation bond authority or the board of directors of the Colorado student obligation bond authority is referred to or designated by a contract or other document, such reference or designation shall be deemed to apply to collegeinvest as a division of the department of higher education pursuant to this section. All contracts entered into by or on behalf of the Colorado student obligation bond authority or its board prior to July 1, 2004, are hereby validated as obligations of collegeinvest.

Source: Section 23-3.1-203 — Authority - creation - membership - transfer of personnel, 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

§ 23-3.1-203’s source at colorado​.gov