§ 19-33-2. Definitions.
As used in this chapter:
(1) “Commissioner” means the commissioner of postsecondary education.
(2) “Department” means the department of business regulation, division of banking.
(3) “Director” means the director of the department of business regulation or designee.
(4) “Distressed borrower” means a student loan education borrower who is not considered current on their student education loan payments by the student loan servicer.
(5) “Student education loan” means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.
(6) “Student loan borrower” means:
(i) Any resident of this state who has received or agreed to pay a postsecondary student education loan; or
(ii) Any person who shares responsibility, as a guarantor or by other legal obligation, with such resident for repaying the postsecondary student education loan for another.
(7) “Student loan servicer” means any person or entity who or that engages in student loan servicing as defined in this chapter.
(8) “Student loan servicing” or “servicing” means:
(i)(A) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments; and
(B) Applying payments to the student loan borrower’s account pursuant to the terms of the student education loan or of the contract governing the servicing;
(ii) During a period when no payment is required on a student education loan, maintaining account records for the loan; and
(iii) Communicating with the student loan borrower regarding the loan, on behalf of the loan’s holder; or
(iv) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in this section.
History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.