(1) Notwithstanding the provisions of section 24-30-202.4, C.R.S., the governing board of any state educational institution may promulgate rules and regulations relating to procedures for collecting any loans or other outstanding obligations owed to such institution. The institution may employ private counsel or a collection agency to handle the collection of any such loan or obligation. Employment of private counsel or a collection agency shall be in accordance with the rules and regulations, but in no event shall the fees paid to the private counsel or collection agency exceed forty percent of the amount recovered.(2) The institution is authorized to write off, release, or compromise any debt or obligation due the institution, but only in accordance with the rules and regulations applicable thereto.L. 83: Entire section added, p. 792, § 2, effective June 3. L. 2010: Entire section amended, (SB 10-003), ch. 391, p. 1850, §27, effective June 9. For the legislative declaration in the 2010 act amending this section, see section 1 of chapter 391, Session Laws of Colorado 2010.