(1) The board of regents of the university of Colorado has authority to employ medical personnel who are not citizens of the United States at the university of Colorado health sciences center, the university of Colorado psychiatric hospital, and the medical division of the graduate school of the university of Colorado. Medical personnel who are not citizens of the United States are exempt from the licensure requirements of the "Colorado Medical Practice Act", article 36 of title 12, C.R.S., with respect to services performed in the course of such employment, but such personnel shall first comply with all other requirements of said act, which includes the taking and passing of examinations approved by the Colorado medical board and by the national board of medical examiners, the national board of examiners for osteopathic physicians and surgeons, or the federation of state medical boards, or their successor organizations, on subjects relating to the basic sciences as provided by law within three months after the date of employment unless such examinations are not required by section 12-36-107 (1)(b), C.R.S. Such exemptions from licensure or provisions in this section provided for such personnel who are not citizens of the United States shall continue only during the minimum period of time within which the particular individual can become a citizen according to the laws of the United States and the regulations of the immigration and naturalization service of the United States, department of justice, or any successor agency, or such additional time as may be granted by such boards. The exemptions in this section are limited to services performed in the course of employment with the university of Colorado as limited in this section and shall terminate when such employment terminates.

(2) (a) The board of regents may arrange for the billing, collection, and disbursement for professional services rendered by physicians and other faculty members of the health sciences schools through a nonprofit corporation or through a contractual arrangement with a profit or nonprofit corporation or through such other mechanism as may be authorized by the board of regents. Any mechanism employed under the authority of this subsection (2) shall be self-supporting. Any such mechanism shall allow for contracting with the board of regents or the state of Colorado for reimbursement of physician services provided for the medically indigent.

(b) The fees collected under this subsection (2) shall be used for the remuneration and support of the professional, research, and educational activities of the members of the faculty of the health sciences schools and shall also be used for the administrative costs of such activities, in accordance with rules to be adopted by the board of regents.

(c) The board of regents, at the request of the general assembly, the joint budget committee, or the state auditor, shall provide a report of the financial status of any funds maintained pursuant to this subsection (2), including but not limited to expenditures, revenues, and the number of staff and faculty involved.

(d) Nothing in this subsection (2) shall be construed to give the board of regents any control over or power to arrange for the billing, collection, and disbursement of hospital fees of the university of Colorado hospital authority operating the university of Colorado university hospital pursuant to the provisions of part 5 of article 21 of this title, any control over how such hospital fees are spent in the operation of the hospital, or any control over the hospital's gross income, the budget and spending of the hospital, or the hospital's authority to borrow money or incur debt.