436C-1 Definitions. As used in this chapter, unless otherwise indicated by the context:

"Administering entity" means the federal or state governmental entity that administers a student loan, student loan repayment, or scholarship program.

"Default" means the failure of the borrower of a student loan to make an installment payment at least two hundred seventy days after the due date, or failure to comply with other terms of the promissory note or written repayment agreement.

"License" means the permission to engage in a profession or vocation granted by the applicable state licensing authority to a person who has satisfied every requirement for licensure, and shall include any registration, certificate, or other document issued by the applicable licensing authority reflecting proof of permission.

"Licensee" means the person in whose name the applicable licensing authority grants a license.

"Licensing authority" means any unit of state government, including agencies, departments, boards, commissions, authorities, the supreme court, or any other entity within the State authorized by statute to grant or deny a license.

"Licensing laws" means the applicable chapter providing for the regulation, licensing, and practice of a profession or vocation by the applicable licensing authority.

"Reinstate" or "reinstatement" means the permission to engage in a profession or vocation granted by the applicable licensing authority to a person whose license has been previously suspended by the applicable licensing authority.

"Renew" or "renewal" means the permission to engage in a profession or vocation granted by the applicable licensing authority to a licensee who has applied for an extension of a current and valid license.

"Repayment plan" means any plan entered into by the borrower with the applicable administering entity to satisfy a delinquent student loan or unfulfilled service obligation.

"Scholarship contract" means a grant made by the State or any of its agencies, or the United States, to a person to support the person while attending a public or private institution of higher education or other post-secondary educational establishment in exchange for the person's agreement to perform a service obligation.

"Student loan" means a loan made or guaranteed by the State or any of its agencies, or the United States, to a person to support the person while attending a public or private institution of higher education or other post-secondary educational establishment.

"Student loan repayment contract" means an agreement by the State or any of its agencies, or the United States, to repay all or part of a person's student loan in exchange for the person's agreement to perform a service obligation. [L 2002, c 226, pt of 2; am L 2003, c 133, 3, 14]

 

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