NY Banking L § 710 (2021)
2021 New York Laws BNK - Banking Article 14-A - Student Loan Servicers 710 - Definitions.

§  710. Definitions. 1. "Applicant" shall mean any person applying for a license under this article.   2. "Borrower" shall mean any resident of this state who has received a student loan or agreed in writing to pay a student loan  or  any  person who  shares a legal obligation with such resident for repaying a student loan.   3. "Borrower benefit" shall mean an incentive offered to a borrower in connection with the origination of a student  loan,  including  but  not limited  to  an interest rate reduction, principal rebate, fee waiver or rebate, loan cancellation, or cosigner release.   4. "Exempt organization" shall mean any banking organization,  foreign banking corporation, national bank, federal savings association, federal credit union, or any bank, trust company, savings bank, savings and loan association,  or  credit  union  organized  under  the laws of any other state, any  public  postsecondary  educational  institution  or  private nonprofit  postsecondary  educational institution or any person licensed or supervised by the  department  and  exempted  by  the  superintendent pursuant to regulations promulgated in accordance with this article.   5.  "Person"  shall  mean  any  individual,  association, corporation, limited   liability   company,   partnership,   trust,    unincorporated organization, government, and any other entity.   6.  "Servicer"  or "student loan servicer" shall mean a person engaged in the business of servicing student loans owed by one or more borrowers residing in this state.   7. "Servicing" shall mean:  (a) receiving any payment from a borrower pursuant to the terms of any student loan;  (b) applying any payment to the borrower's  account  pursuant  to  the terms  of  a student loan or the contract governing the servicing of any such loans;  (c) providing any notification of amounts owed on a student loan by or on  account  of  any  borrower  in  conjunction  with  performing   such activities  as  described  in  paragraphs  (a),  (b),  or  (d)  of  this subdivision;  (d) during a period where a borrower is not required to make a payment on a student loan, maintaining account records for the student loan  and communicating  with the borrower regarding the student loan on behalf of the owner of the student loan promissory note;  (e) interacting with a borrower  with  respect  to  or  regarding  any attempt to avoid default on the borrower's student loan, or facilitating the  activities described in paragraph (a) or (b) of this subdivision in conjunction with performing such activities as described  in  paragraphs (a), (b), or (d) of this subdivision; or  (f)  performing  other  administrative  services  with  respect  to  a borrower's student loan in conjunction with performing  such  activities as described in paragraphs (a), (b), or (d) of this subdivision.   8.  "Student  loan"  shall  mean  any  loan  to  a borrower to finance postsecondary education or expenses related to postsecondary education.   9. "Federal student loan" means (a) any student loan  issued  pursuant to the William D. Ford Federal Direct Loan Program; (b) any student loan issued  pursuant to the Federal Family Education Loan Program, which was purchased by the government of the United States pursuant to the federal Ensuring Continued Access to Student Loans Act and is presently owned by the government of the United States; and  (c)  any  other  student  loan issued  pursuant  to  a  federal  program  that  is  identified  by  the superintendent as a "federal student loan" in a regulation.