N.Y. FIS Law § 701 — New York Code / Act FIS / Article 7 / Section 701
Definitions
Status: in_force

§ 701. Definitions. (a) The term "advertisement" shall include, but is\nnot limited to, all forms of marketing, solicitation, or dissemination\nof information related, directly or indirectly, to securing or obtaining\na student debt consulting contract or services. Further, it shall\ninclude all commonly recognized forms of media marketing via television,\nradio, print media, all forms of electronic communication via the\ninternet, and all prepared sales presentations given in person or over\nthe internet to the general public.\n  (b) "Borrower" means any resident of this state who has received a\nstudent loan or agreed in writing to pay a student loan or any person\nwho shares a legal obligation with such resident for repaying a student\nloan.\n  (c) "FSA ID" means a username and password allocated to an individual\nby the federal government to enable the individual to log in to certain\nUnited States department of education websites, and may be used to sign\ncertain documents electronically.\n  (d) "Student loan" means any loan to a borrower to finance\npost-secondary education or expenses related to post-secondary\neducation.\n  (e) "Student debt consulting contract" or "contract" means an\nagreement between a borrower and a consultant under which the consultant\nagrees to provide student debt consulting services.\n  (f) "Student debt consultant" or "consultant" means an individual or a\ncorporation, partnership, limited liability company or other business\nentity that, directly or indirectly, solicits or undertakes employment\nto provide student debt consulting services. A consultant does not\ninclude the following:\n  (1) a person or entity who holds or is owed an obligation on the\nstudent loan while the person or entity performs services in connection\nwith the student loan;\n  (2) a bank, trust company, private banker, bank holding company,\nsavings bank, savings and loan association, thrift holding company,\ncredit union or insurance company organized under the laws of this\nstate, another state or the United States, or a subsidiary or affiliate\nof such entity or a foreign banking corporation licensed by the\nsuperintendent of financial services or the comptroller of the currency;\n  (3) a bona fide not-for-profit organization that offers counseling or\nadvice to borrowers;\n  (4) an attorney admitted to practice in the state of New York when the\nattorney is providing student debt consulting services to a borrower\nfree of charge;\n  (5) a public post-secondary educational institution or private\nnonprofit post-secondary educational institution; or\n  (6) such other persons as the superintendent prescribes by rule.\n  (g) "Student debt consulting services" means services that a student\ndebt consultant provides to a borrower that the consultant represents\nwill help to achieve any of the following:\n  (1) stop, enjoin, delay, void, set aside, annul, stay or postpone a\ndefault, bankruptcy, tax offset, or garnishment proceeding;\n  (2) obtain a forbearance, deferment, or other relief that temporarily\nhalts repayment of a student loan;\n  (3) assist the borrower with preparing or filing documents related to\nstudent loan repayment;\n  (4) advise the borrower which student loan repayment plan or\nforgiveness program to consider;\n  (5) enroll the borrower in any student loan repayment, forgiveness,\ndischarge, or consolidation program;\n  (6) assist the borrower in re-establishing eligibility for federal\nstudent financial assistance;\n  (7) assist the borrower in removing a student loan from default; or\n  (8) educate the borrower about student loan repayment.\n