§436C-1 - Definitions.
§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]