53B-12-102 - Separation of duties, responsibilities, funds, liabilities, and expenses -- Appointment of board of directors -- No state or local debt -- Minors eligible for loans. - Utah Statutes

53B-12-102. Separation of duties, responsibilities, funds, liabilities, and expenses --Appointment of board of directors -- No state or local debt -- Minors eligible for loans.
(1) The duties, responsibilities, funds, liabilities, and expenses of the board as the UtahHigher Education Assistance Authority shall be maintained separate and apart from its otherduties, responsibilities, funds, liabilities, and expenses.
(2) (a) In order to carry out the obligation of separation of functions required underSubsection (1), the board may appoint a board of directors of the authority, and designate itschairman to govern and manage the authority.
(b) The board of directors consists of not less than five persons, not more than 2/3 ofwhom may be members of the State Board of Regents.
(c) The board of directors reports to and serves at the pleasure of the State Board ofRegents, and has all of the powers, duties, and responsibilities of the Utah Higher EducationAssistance Authority except for those expressly retained by the State Board of Regents.
(3) An obligation incurred under this chapter does not constitute a debt of the state or anyof its political subdivisions.
(4) (a) A person who would otherwise qualify for a loan guaranteed by the authority isnot disqualified because that person is a minor.
(b) For the purpose of applying for, receiving, and repaying a loan, a minor has full legalcapacity to act and has all the rights, powers, privileges, and obligations of a person of full agewith respect to the loan.

Enacted by Chapter 167, 1987 General Session