reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-207 - Notes

(1)
The authority may issue from time to time its negotiable notes for any of its purposes as provided in this part 2, including purchase of student obligations or the making of student obligations or institutional loans, and may renew from time to time any notes by the issuance of new notes, whether the notes to be renewed have or have not matured. The authority may issue notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. The notes may be authorized, sold, executed, and delivered in the same manner as bonds.
(2)
Any resolution authorizing notes of the authority or any issue of such notes may contain any provisions which the authority is authorized to include in any resolution authorizing bonds of the authority or any issue of bonds, and the authority may include in any notes any terms, covenants, or conditions which it is authorized to include in any bonds.
(3)
All such notes shall be payable from the proceeds of bonds or renewal notes or from the revenues of the authority or other moneys available for such payment and not otherwise pledged, subject only to any contractual rights of the holders of any of its notes or other obligations outstanding at the time of issuance of such notes.
L. 79: Entire article added, p. 816, § 1, effective July 1. L. 84: (1) amended, p. 626, § 23, effective April 10. L. 2004: (1) amended, p. 568, § 16, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-209 - Negotiability of bonds

All bonds and any interest coupons applicable to such bonds are hereby declared and shall be construed to be negotiable instruments.
L. 79: Entire article added, p. 818, § 1, effective July 1. L. 84: Entire section amended, p. 627, § 25, effective April 10.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-211 - Personal liability

Neither the members of the board, employees or agents of the authority, nor any person executing the bonds or notes or advance payment contracts shall be liable personally on bonds or notes or advance payment contracts or be subject to any personal liability or accountability by reason of the issuance thereof or as a result of the prepaid expense program.
L. 79: Entire article added, p. 820, § 1, effective July 1. L. 96: Entire section amended, p. 427, § 5, effective April 22. L. 2000: Entire section amended, p. 1282, § 9, effective May 26. L. 2004: Entire section amended, p. 572, § 19, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-212 - Purchase

The authority may purchase its bonds or notes out of any available funds. The authority may hold, pledge, cancel, or resell such bonds or notes, subject to and in accordance with agreements with bondholders or noteholders.
L. 79: Entire article added, p. 820, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-213 - Payment of bonds and advance payment contracts - limited liability of state

(1)
Bonds and notes issued by the authority shall be payable solely from the funds provided for in this part 2 and shall not otherwise constitute or become an indebtedness, a debt, or a liability of the state, nor shall the state otherwise be liable on such bonds and notes, nor shall such bonds or notes constitute the giving, pledging, or loaning of the full faith and credit of the state. The issuance of bonds or notes under the provisions of this part 2 shall not obligate the state or empower the authority, directly, indirectly, or contingently, to levy or collect any form of taxes or assessments, to create any indebtedness payable out of taxes or assessments, or to make any appropriation for their payment, and such appropriation, levy, or collection is prohibited.
(2)
Nothing in this part 2 shall be construed to authorize the authority to create a debt of the state within the meaning of the constitution or statutes of Colorado; and all bonds issued by the authority pursuant to the provisions of this part 2 are payable and shall state that they are payable solely from the funds pledged for their payment in accordance with the resolution authorizing their issuance or with any trust indenture executed as security for such bonds and are not otherwise a debt or liability of the state of Colorado.
(3)
Except as otherwise provided in this part 2, the state shall not be liable in any event for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, obligation, or agreement of any kind whatsoever that may be undertaken by the authority. No breach of any such pledge, obligation, or agreement shall impose any pecuniary liability upon the state, except from funds specifically pledged by the state, or any charge upon its general credit or against its taxing power.
(4)
Except as otherwise provided in this part 2, advance payment contracts and the benefits due thereunder shall be payable solely from the moneys in the prepaid expense trust fund, and shall not otherwise constitute or become an indebtedness, a debt, or a liability of the state, nor shall the state otherwise be liable on such advance payment contracts, nor shall such advance payment contracts constitute the giving, pledging, or loaning of the full faith and credit of the state. Advance payment contracts and the benefits due thereunder shall be payable by the authority solely from moneys in the prepaid expense trust fund and are not payable from or secured in any way by other moneys or accounts of the authority.
L. 79: Entire article added, p. 820, § 1, effective July 1. L. 96: (4) added, p. 428, § 6, effective April 22. L. 2000: Entire section amended, p. 1282, § 10, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-214 - Exemption from taxation - securities law

The income or other revenues of the authority, including income earned on the investment of moneys in the prepaid expense and the savings trust funds, all properties at any time owned by the authority, any bonds, notes, or other obligations issued pursuant to this part 2, the transfer of and the income, including any profit made on sale, from any such bonds, notes, or other obligations, and all trust indentures and other documents issued in connection with such bonds, notes, or other obligations shall be exempt at all times from all taxation and assessments in the state of Colorado. In the bond resolution authorizing the issuance of any bonds by the authority, the board may waive the exemption from federal income taxation for interest on such bonds. Bonds issued by the authority shall also be exempt from the provisions of article
51
of title
11
, C.R.S.
L. 79: Entire article added, p. 820, § 1, effective July 1. L. 83: Entire section amended, p. 785, § 3, effective April 29. L. 96: Entire section amended, p. 428, § 7, effective April 22.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-215 - Fees

All expenses of the authority incurred in carrying out the provisions of this part 2 shall be payable solely from funds provided under the authority of this part 2, and no liability shall be incurred by the authority beyond the moneys which are provided pursuant to this part 2. For the purposes of meeting the necessary expenses of initial organization and operation until such date as the authority derives moneys from funds provided pursuant to this part 2, the authority may borrow such moneys as may be required for the necessary expenses of organization and operation. Such borrowed moneys shall be repaid within a reasonable time after the authority receives funds provided pursuant to this part 2.
L. 79: Entire article added, p. 821, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-217 - Proceeds as trust funds

Except as otherwise provided in this part 2, all moneys received pursuant to this part 2, whether as proceeds from the sale of bonds, notes, or other obligations or as revenues or receipts, including moneys received under advance payment contracts shall be deemed to be trust funds to be held and applied solely as provided in this part 2. Any officer, bank, or trust company with which such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this part 2, subject to such policies and guidelines as the authority and the resolution authorizing the bonds, notes, or other obligations of any issue or the trust indenture securing such obligations provides.
L. 79: Entire article added, p. 821, § 1, effective July 1. L. 96: Entire section amended, p. 429, § 9, effective April 22. L. 2000: Entire section amended, p. 1285, § 12, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-217.5 - Claims of creditors - exemption

Moneys credited to or expended from the prepaid expense trust fund by or on behalf of a purchaser or qualified beneficiary of an advance payment contract made under this part 2, which contract has not been terminated, are exempt from all claims of creditors of the purchaser, the qualified beneficiary, or the authority.
L. 96: Entire section added, p. 429, § 10, effective April 22. L. 2000: Entire section amended, p. 1285, § 13, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-218 - Agreement of the state not to limit or alter rights of obligees

The state hereby pledges to and agrees with the holders of any bonds, notes, or other obligations issued under this part 2 and with those parties who may enter into contracts with the authority, with state-supported institutions of higher education, or with the division pursuant to the provisions of this part 2 that the state will not limit, alter, restrict, or impair the rights vested in the authority to fulfill the terms of any agreements made with the holders of bonds, notes, or other obligations authorized and issued pursuant to this part 2 and with the parties who may enter into contracts with the authority pursuant to this part 2, and that the state will not limit, alter, restrict, or impair the rights vested in any state-supported institution of higher education or in the division to fulfill the terms of any contracts made with the authority and with the parties who may enter into contracts with such institutions of higher education or with the division pursuant to this part 2. The state further agrees that it will not in any way impair the rights or remedies of the holders of such bonds, notes, or other obligations of such parties until such bonds, notes, and other obligations, together with interest thereon, with interest on any unpaid installment of interest and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged and such contracts are fully performed on the part of the authority, the state-supported institutions of higher education, or the division. Nothing in this part 2 precludes such limitation or alteration if and when adequate provision is made by law for the protection of the holders of such bonds, notes, or other obligations of the authority or those entering into such contracts with the authority or the authority under any contract with a state-supported institution of higher education or with the division. The authority may include this pledge and undertaking for the state in such bonds, notes, or other obligations and in such contracts.
L. 79: Entire article added, p. 821, § 1, effective July 1. L. 84: Entire section amended, p. 628, § 27, effective April 10.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-219 - Enforcement of rights of bondholders

Any holder of bonds issued pursuant to this part 2 or a trustee under a trust agreement or trust indenture entered into pursuant to this part 2, except to the extent that his rights are restricted by any bond resolution, may protect and enforce, by any suitable form of legal proceedings, any rights under the laws of this state or granted by the bond resolution. Such rights include the right to compel the performance of all duties of the authority required by this part 2 or the bond resolution and to enjoin unlawful activities.
L. 79: Entire article added, p. 822, § 1, effective July 18.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-220 - Bonds eligible for investment

All banks, bankers, trust companies, savings and loan associations, investment companies, insurance companies and associations, executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds, notes, or other obligations, issued pursuant to this part 2. Public entities, as defined in section
24-75-601(1)
, C.R.S., may invest public funds in such bonds, notes, or other obligations only if said bonds, notes, or other obligations satisfy the investment requirements established in part 6 of article
75
of title
24
, C.R.S.
L. 79: Entire article added, p. 822, § 1, effective July 1. L. 89: Entire section amended, p. 1127, § 59, effective July 1. L. 2004: Entire section amended, p. 572, § 21, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-221 - Account of activities - receipts for expenditures - report - audit

The authority shall keep an accurate account of all its activities and of all its receipts and expenditures and shall report annually on such activities, receipts, and expenditures in the month of February to its members, to the governor, to the commission, and to the state auditor in a form prescribed by the controller. Also included in the report shall be any recommendations with reference to additional legislation, a financial analysis of the actuarial soundness of the prepaid expense trust fund if one was prepared, an accounting of any loans or transfers approved pursuant to section
23-3.1-205.4(4)
, and other action that may be necessary to carry out the purposes of the authority. The state auditor may investigate the affairs of the authority and may examine the properties and records of the authority, and the controller may prescribe methods of accounting and the rendering of periodical reports in relation to undertakings by the authority. The department of higher education shall adopt and prepare a budget for the authority for the next fiscal year. Beginning July 1, 2000, the fiscal year of the authority shall begin on July 1 and shall end on June 30. The authority shall not be required to comply with fiscal rules of the state of Colorado until July 1, 2000.
L. 79: Entire article added, p. 822, § 1, effective July 1. L. 81: Entire section amended, p. 341, § 5, effective March 29; entire section amended, p. 1091, § 4, effective May 28. L. 96: Entire section amended, p. 430, § 11, effective April 22. L. 2000: Entire section amended, p. 1286, § 14, effective May 26. L. 2003: Entire section amended, p. 552, § 2, effective August 6. L. 2004: Entire section amended, p. 572, § 22, effective July 1.
Amendments to this section in House Bill 81-1215 and House Bill 81-1020 were harmonized.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-222 - Federal social security act

The authority may take such action as it deems appropriate to enable its employees to come within the provisions and obtain the benefits of the federal "Social Security Act", as from time to time amended.
L. 79: Entire article added, p. 822, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-223 - Powers of authority not restricted

This part 2 shall not be construed as a restriction or limitation upon any powers which the authority might otherwise have under any laws of this state but shall be construed as cumulative of any such powers. Nothing in this part 2 shall be construed to deprive the state and its political subdivisions of their respective police powers over properties of the authority or to impair any power over such properties of any official or agency of the state and its governmental subdivisions which may be otherwise provided by law.
L. 79: Entire article added, p. 822, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-224 - Contract powers of state-supported institutions of higher education - nonliability of state

(1)
For the purpose of funding student obligations, the governing board of any state-supported institution of higher education is authorized to enter into contracts with the authority for the making or securing of student obligations and institutional loans, or the securing of authority bonds including, without limiting the generality of the foregoing, contracts which require such institutions to pledge certain revenues, pay fees, advance or loan funds to the authority, establish and maintain reserves, and make, sell, or purchase student obligations.
(2)
For the purpose of making student obligations, the governing board of any state-supported institution of higher education is authorized to enter into contracts with the division for the origination, disbursement, servicing, or guarantee of any student obligation funded by an institutional loan.
(3)
Nothing in this section shall be construed to authorize a state-supported institution of higher education to create a debt of the state within the meaning of the constitution or statutes of Colorado.
(4)
Any obligation incurred by any state-supported institution of higher education under the provisions of this part 2 shall not constitute or become an indebtedness, a debt, or a liability of the state, nor shall the state be liable on such obligations, nor shall such obligations constitute the giving, pledging, or loaning of the full faith and credit of the state. Such obligations shall not obligate the state or empower such institution, directly, indirectly, or contingently, to levy or collect any form of taxes or assessments, to create any indebtedness payable out of taxes or assessments, or to make any appropriation for their payment, and such appropriation, levy, or collection is prohibited.
(5)
The state shall not be liable in any event for the performance of any pledge, obligation, or agreement of any kind whatsoever which may be undertaken by such institutions. No breach of any such pledge, obligation, or agreement shall impose any pecuniary liability upon the state or any charge upon its general credit or against its taxing power.
L. 84: Entire section added, p. 629, § 28, effective April 10. L. 2004: (1) and (2) amended, p. 573, § 23, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-225 - Confidentiality of records

(1)
Except as otherwise provided in this section, all data, information, and records relating to the prepaid expense trust fund and the prepaid expense program are public records and are subject to inspection pursuant to the provisions of part 2 of article
72
of title
24
, C.R.S.
(2)
The following data, information, and records relating to the prepaid expense trust fund and the prepaid expense program shall be kept confidential by the authority, and the authority shall deny the right of access to or inspection of such data, information, and records except as provided in subsection (3) of this section:
(a)
Data, information, and records relating to individual purchasers and qualified beneficiaries of advance payment contracts, including any records that reveal personally identifiable information about such individuals; except that the authority may disclose such information to an individual purchaser regarding his or her own contract;
(b)
Trade secrets and proprietary information regarding software, including programs and source codes, utilized or owned by the authority; and
(c)
Marketing plans and the results of market surveys conducted by the authority.
(3)
Notwithstanding the provisions of subsection (2) of this section, the authority may disclose and may provide the right of access to or inspection of any data, information, or records to agents or representatives of professionals with whom the authority has contracted as provided in an advance payment contract or contracts, to the department of revenue, or to the state treasurer, or to other third parties if the purchaser or purchasers of the advance payment contract or contracts have consented in writing to such disclosure.
(4)
No cause of action shall arise against a person for disclosing confidential information in violation of subsection (2) of this section unless the act or omission giving rise to the cause of action was intentional or grossly negligent.
L. 98: Entire section added, p. 212, § 2, effective August 5. L. 2000: Entire section R&RE, p. 221, § 1, effective March 29. L. 2004: (3) amended, p. 573, § 24, effective July 1.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 2 - STUDENT OBLIGATIONS AND INSTITUTIONAL LOANS (§§ 23-3.1-201 — 23-3.1-226) › Section 23-3.1-226 - Policies for promotion and disclosure of program information

(1)
The authority shall design a policy related to the promotion of the prepaid expense program and a policy related to the disclosure of program-related information to purchasers or qualified beneficiaries in a manner consistent with this part 2 and consistent with the requirements of section 529 of the internal revenue code in order to require that:
(a)
Appropriate promotional material and program-related information disclose the average tuition increase in state institutions of higher education in Colorado, as defined in section
23-3.3-101(4)
, over the previous five years;
(b)
Annual statements to purchasers or qualified beneficiaries disclose the number of tuition units paid for, the payments made for such tuition units, and the current value of such tuition units, as well as the average tuition increases in state institutions of higher education in Colorado, as defined in section
23-3.3-101(4)
, over the five previous years;
(c)
An annual report to each purchaser of an advance payment contract setting forth the value and rate of return on the advance payment contract based on a calculation of average tuition and setting forth the amount of the stabilization reserve and retained earnings in the prepaid expense program. The report shall be provided at least annually and upon request of the purchaser of the advance payment contract.
(d)
Promotional material and program-related information disclose that no moneys invested in the prepaid expense program are insured by the state of Colorado and that neither the principal deposited nor the investment returned is guaranteed by the state of Colorado. Such material and information shall also disclose the existence of a stabilization reserve to better support its liability.
(e)
Any fees paid from moneys collected pursuant to this part 2 are disclosed in promotional material and program-related information provided to the public and to purchasers or qualified beneficiaries, including disclosure of amounts assessed for payments over time.
L. 2000: Entire section added, p. 1286, §15, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-301 - Legislative declaration

(1)
The general assembly hereby finds, determines, and declares that a choice of education opportunities will benefit the residents of the state of Colorado and that the establishment of a college savings program will enhance the availability of postsecondary educational opportunities for residents. It is the intent of the general assembly to achieve this purpose through a public-private partnership using selected financial institutions to serve as account holders and managers of individual college savings accounts.
(2)
The general assembly further finds, determines, and declares that the college savings program can enhance the availability of postsecondary educational opportunities for adults who are already in the workforce and therefore encourages adults to take advantage of the college savings program to further their own postsecondary educational opportunities and job retraining goals.
(3)
The general assembly further finds, determines, and declares that the establishment of a savings program that qualifies under section 529A of the internal revenue code will:
(a)
Assist individuals and families in saving money for the purpose of supporting individuals with disabilities in maintaining health, independence, and quality of life; and
(b)
Provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, the medicaid program under Title XIX of the "Social Security Act", the supplemental security income program under Title XVI of the "Social Security Act", the beneficiary's employment, and other sources.
Amended by 2015 Ch. 269,§ 2, eff. 6/3/2015.
L. 99: Entire part added, p. 454, § 1, effective July 1. L. 2000: Entire part amended, p. 1287, § 16, effective May 26. L. 2004: Entire section amended, p. 573, § 25, effective July 1. L. 2010: Entire section amended, (SB 10-202), ch. 396, p. 1881, §1, effective June 9. L. 2015: (3) added, (HB 15-1359), ch. 269, p. 1047, § 2, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-303 - Department - purpose - powers - duties

(Deleted by amendment, L. 2000, p. 1288, § 16, effective May 26, 2000.)
L. 99: Entire part added, p. 456, § 1, effective July 1. L. 2000: Entire part amended, p. 1288, § 16, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307 - Limitations

(1)
Nothing in this part 3 shall be construed to:
(a)
Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner;
(b)
Guarantee that a designated beneficiary will be admitted to an education institution or be allowed to continue enrollment at or graduate from an education institution;
(c)
Establish state residency for a beneficiary merely because of the designation as a beneficiary; or
(d)
Guarantee that amounts saved pursuant to the program will be sufficient to cover the qualified higher education expenses or qualified disability expenses of a designated beneficiary, as applicable.
(2)
Nothing in this part 3 shall establish any obligation of the state of Colorado or any agency or instrumentality of the state of Colorado to guarantee for the benefit of any account owner, contributor to an account, or designated beneficiary any of the following:
(a)
The return of any amounts contributed to an account;
(b)
The rate of interest or other return on any account;
(c)
The payment of interest or other return on any account; or
(d)
Tuition rates or the cost of any qualified expenditures.
(3)
Nothing in this part 3 shall be construed to indicate that the account is insured by the state of Colorado or that the principal deposited or investment return is guaranteed by the state of Colorado.
(3.5)
Nothing in this part 3 shall be construed to create an indebtedness, a debt, or a liability of the state, nor shall the state be liable on the savings contracts, except to the extent of the amounts on deposit in the accounts, nor shall a savings contract constitute the giving, pledging, or loaning of the full faith and credit of the state.
(4)
(Deleted by amendment, L. 2000, p. 1294, § 16, effective May 26, 2000.)
Amended by 2015 Ch. 269, § 7, eff. 6/3/2015.
L. 99: Entire part added, p. 462, § 1, effective July 1; (4) amended, p. 223, § 3, effective March 29. L. 2000: (4) amended, p. 223, § 3, effective March 28; entire part amended, p. 1294, § 16, effective May 26. L. 2015: (1)(d), IP(2), and (2)(d) amended, (HB 15-1359), ch. 269, p. 1053, § 7, effective June 3.
Amendments to this section in Senate Bill 00-164 and House Bill 00-1276 were harmonized.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307.1 - Personal liability

Neither the members of the board, employees or agents of the authority, nor any person executing savings contracts shall be liable personally on savings contracts or be subject to any personal liability or accountability as a result of the program.
Amended by 2015 Ch. 269,§ 8, eff. 6/3/2015.
L. 2000: Entire part amended, p. 1295, § 16, effective May 26. L. 2004: Entire section amended, p. 574, § 27, effective July 1. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1053, § 8, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307.3 - Proceeds as trust funds

Except as otherwise provided in this part 3, all moneys received pursuant to this part 3, including moneys received under savings contracts, shall be deemed to be trust funds to be held and applied solely as provided in this part 3. Any officer, bank, or trust company with which such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this part 3, subject to such policies and guidelines as the authority and the resolution authorizing the bonds, notes, or other obligations of any issue or the trust agreement securing such obligations provides.
L. 2000: Entire part amended, p. 1295, § 16, effective May 26.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307.4 - Claims of creditors - exemption

Except as provided pursuant to section 529A of the internal revenue code, moneys credited to or expended from the savings trust fund by or on behalf of an account owner, depositor, or designated beneficiary of a savings contract made under this part 3, which contract has not been terminated, are exempt from all claims of creditors of the account owner, depositor, designated beneficiary, or the authority.
Amended by 2015 Ch. 269,§ 9, eff. 6/3/2015.
L. 2000: Entire part amended, p. 1295, § 16, effective May 26. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1053, § 9, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307.5 - Confidentiality of records

(1)
Except as otherwise provided in this section or pursuant to federal law, all data, information, and records relating to the college savings program and the ABLE savings program are public records and are subject to inspection pursuant to the provisions of part 2 of article
72
of title
24
, C.R.S.
(2)
The following data, information, and records relating to the college savings program and the ABLE savings program shall be kept confidential by the authority, and the authority shall deny the right of access to or inspection of such data, information, and records except as provided in subsection (3) of this section:
(a)
Data, information and records relating to designated beneficiaries and contributors to an individual trust account or savings account including any records that reveal personally identifiable information about such individuals; except that the authority may disclose such information to an account owner regarding his or her own account;
(b)
Trade secrets and proprietary information regarding software, including programs and source codes, utilized or owned by the authority; and
(c)
Marketing plans and the results of market surveys conducted by the authority.
(3)
Notwithstanding the provisions of subsection (2) of this section, the authority may disclose and may provide the right of access to or inspection of any data, information, or records to agents or representatives of professionals with whom the authority has contracted, to the department of revenue, or to the state treasurer, or to other third parties if the account owner and designated beneficiary have consented in writing to such disclosure.
(4)
No cause of action shall arise against a person for disclosing confidential information in violation of subsection (2) of this section unless the act or omission giving rise to the cause of action was intentional or grossly negligent.
Amended by 2015 Ch. 269,§ 10, eff. 6/3/2015.
L. 2000: Entire section added, p. 222, § 2, effective March 29; entire part amended, p. 1295, § 16, effective May 26. L. 2004: (3) amended, p. 574, § 28, effective July 1. L. 2015: (1) and IP(2) amended, (HB 15-1359), ch. 269, p. 1053, § 10, effective June 3.
This section was added by House Bill 00-1276 and harmonized with Senate Bill 00-164.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-307.9 - Policies for promotion and disclosure of program information

(1)
The authority shall design a policy related to the promotion of the program and a policy related to the disclosure of program-related information to account owners, depositors, and designated beneficiaries in a manner consistent with this part 3 and consistent with the requirements of section 529 or 529A of the internal revenue code, whichever is applicable, in order to require that:
(a)
Promotional material and program-related information disclose that no moneys invested in the program are insured by the state of Colorado and that neither the principal deposited nor the investment returned is guaranteed by the state of Colorado; and
(b)
Any fees paid from moneys collected pursuant to this part 3 are disclosed in promotional material and program-related information provided to the public and to account owners, depositors, and designated beneficiaries.
Amended by 2015 Ch. 269,§ 11, eff. 6/3/2015.
L. 2000: Entire part amended, p. 1295, § 16, effective May 26. L. 2015: IP(1) and (1)(a) amended, (HB 15-1359), ch. 269, p. 1053, § 11, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-308 - Residency

Both Colorado resident and nonresident account owners and designated beneficiaries are eligible to participate in and benefit from the college savings program. Only Colorado resident account owners and beneficiaries, and account owners and beneficiaries who are residents in any state which contracts with the authority under section
23-3.1-311
, are eligible to participate in and benefit from the ABLE savings program, unless otherwise provided under section 529A of the internal revenue code.
Amended by 2015 Ch. 269,§ 12, eff. 6/3/2015.
L. 99: Entire part added, p. 463, § 1, effective July 1. L. 2000: Entire part amended, p. 1296, § 16, effective May 26. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1054, § 12, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-309 - Tax exemption

(1)
Notwithstanding any other law to the contrary, the amount of any distribution to a designated beneficiary, as defined in section 529 (e)(1) of the internal revenue code, from a college savings program account established under this part 3 shall be exempt from state income taxation to the extent that this income is used to pay qualified higher education expenses of the designated beneficiary.
(2)
To the extent that distributions from an ABLE savings program account established pursuant to this part 3 to a designated beneficiary for qualified disability expenses are excluded from taxable income pursuant to section 529A of the internal revenue code, or any successor provision, such distributions are also excluded from state taxable income.
Amended by 2015 Ch. 269,§ 13, eff. 6/3/2015.
L. 99: Entire part added, p. 463, § 1, effective July 1. L. 2000: Entire part amended, p. 1296, § 16, effective May 26. L. 2015: Entire section amended, (HB 15-1359), ch. 269, p. 1054, § 13, effective June 3.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.1 - STUDENT LOAN PROGRAM (§§ 23-3.1-101 — 23-3.1-311) › Part 3 - SAVINGS PLANS (§§ 23-3.1-301 — 23-3.1-311) › Section 23-3.1-310 - [Repealed]

L. 2010: Entire section added, (SB 10-202), ch. 396, p. 1883, §6, effective June 9.
Subsection (4) provided for the repeal of this section, effective July 1, 2013. (See L. 2010, p. 1883.)
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.3 - STUDENT FINANCIAL ASSISTANCE (§§ 23-3.3-101 — 23-3.3-1501x) › Part 1 - GENERAL PROVISIONS (§§ 23-3.3-101 — 23-3.3-107) › Section 23-3.3-104 - Assistance to professional theology students prohibited

(1)
The policies and procedures established by the commission pursuant to section
23-3.3-102(3)
shall include:
(a)
A prohibition against the awarding of any financial assistance pursuant to this article to a student who is pursuing a professional degree in theology; except that the prohibition described in this section shall not apply to financial assistance that is awarded to a student from a federal program, including but not limited to Title IV of the federal "Higher Education Act of 1965",
20 U.S.C. sec. 1070
, as amended; and
(b)
A requirement that an institution or nonpublic institution of higher education that seeks to award financial assistance to a student pursuant to this article certify that the student is not pursuing a professional degree in theology.
L. 2009: Entire section added, (HB 09-1267), ch. 348, p. 1823, §3, effective June 1.
For the legislative declaration contained in the 2009 act adding this section, see section 1 of chapter 348, Session Laws of Colorado 2009.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.3 - STUDENT FINANCIAL ASSISTANCE (§§ 23-3.3-101 — 23-3.3-1501x) › Part 1 - GENERAL PROVISIONS (§§ 23-3.3-101 — 23-3.3-107) › Section 23-3.3-105 - [Repealed]

Repealed by subsection (6), eff. 7/1/2022.
Added by 2021 Ch. 377, § 14, eff. 6/29/2021.
L. 2021: Entire section added, (HB 21-1330), ch. 2511, p. 2511, § 14, effective June 29.
For the legislative declaration in HB 21-1330, see section 1 of chapter 377, Session Laws of Colorado 2021.
2023 Colorado Revised Statutes › Title 23 - POSTSECONDARY EDUCATION (§§ 23-1-101 — 23-81-102) › STATE UNIVERSITIES AND COLLEGES (§§ 23-1-101 — 23-56-111) › GENERAL AND ADMINISTRATIVE (§§ 23-1-101 — 23-19.9-102) › Article 3.3 - STUDENT FINANCIAL ASSISTANCE (§§ 23-3.3-101 — 23-3.3-1501x) › Part 1 - GENERAL PROVISIONS (§§ 23-3.3-101 — 23-3.3-107) › Section 23-3.3-107 - Improvements to CASFA - definitions - repeal

(1)
As used in this section, unless the context otherwise requires:
(a)
"CASFA" means the Colorado application for state financial aid.
(b)
"Department" means the department of higher education.
(c)
"FAFSA" means the free application for federal student aid.
(2)
On or before July 1, 2024, the department shall make the following improvements to the CASFA:
(a)
Improve the accessibility and ease of use in completing the CASFA forms;
(b)
Improve the form and application by conducting focus groups and consulting organizations serving CASFA-eligible students and families, including streamlining to mirror modernizations in the FAFSA application;
(c)
Assessing the existing functionality of the CASFA process, web tool, and application;
(d)
Identifying and improving website functionality; and
(e)
Providing the department of education with support for students and families on an ongoing capacity.
(3)
For the 2022-23 state fiscal year, the general assembly shall appropriate three hundred twenty thousand dollars from the general fund to the department for the purposes of this section. Any unexpended money remaining at the end of the 2022-23 state fiscal year:
(a)
Does not revert to the general fund or any other fund;
(b)
May be used by the department in subsequent state fiscal years without further appropriation; and
(c)
Shall not be used for any other purpose other than the purposes set forth in this section.
(4)
This section is repealed, effective July 1, 2025.
Added by 2022 Ch. 244,§8, eff. 5/26/2022.