NY Educ L § 620 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 13-B - Student Lending Accountability, Transparency and Enforcement Act 620 - Definitions.

§ 620. Definitions. As used in this article, the following terms shall have the following meanings unless otherwise specified:   1.  "Borrower" shall mean a student attending a covered institution in this state, or a parent or person in parental relation to such  student, who  also  obtains an educational loan from a lending institution to pay for or finance higher education expenses.   2.  "Covered  institution"  shall   mean   any   college,   vocational institution,  or  approved program as defined in section six hundred one of this title.   3. "Covered institution employee"  shall  mean  any  employee,  agent, contractor, director, officer or trustee of a covered institution.   4.  "Educational  loan"  shall mean any loan that is made, insured, or guaranteed under Part B of Title IV of the Federal Higher Education  Act of  nineteen  hundred  sixty-five, as amended, any high risk loan or any private loan issued by a lending institution for the purposes of  paying for or financing higher education expenses.   5.  "Gift" shall mean any discount, favor, gratuity, inducement, loan, stock, thing of value, or other item having more than nominal value.   a. The term "gift" shall include, but is not limited to:  (1) Any money, service, loan, entertainment,  honoraria,  hospitality, lodging  costs,  meals,  registration  fees,  travel expenses, discount, forbearance or promise;  (2) Gifts provided in kind,  by  purchase  of  a  ticket,  payment  in advance, or reimbursement after expenses have been incurred;  (3)  Any  computer  hardware for which the recipient pays below-market prices;  (4) Any printing costs or services.   b. The term "gift" shall not include any of the following:  (1) A lending institution's own brochure or promotional literature;  (2) Food, refreshments, training, or informational material  furnished to  a  covered  institution  employee  as an integral part of a training session, if such training contributes to the professional development of the covered institution employee.   c. Nothing in this article shall be construed to  affect  the  private philanthropic activities of banks or other lending institutions that are unrelated to educational loans.   6.  "High  risk  loans"  shall  mean  any  agreement between a lending institution and a covered institution  that  provides  for  the  lending institution  to  provide  loans  to  students  with  a poor or no credit history, who would otherwise not be eligible for educational loans.   7. "Higher education expenses" shall include the following:   a. tuition and fees;   b.  costs  incurred   for   books,   supplies,   transportation,   and miscellaneous personal expenses; and   c. room and board costs.   8. "Lending institution" shall mean:   a.  any  entity  that itself or through an affiliate makes educational loans  to  pay  for  or  finance  higher  education  expenses  or   that securitizes such loans;   b. any entity, or association of entities, that guarantees educational loans; or   c.  any  industry,  trade  or professional association or other entity that receives money, related to educational loan  activities,  from  any entity described above in paragraphs a and b of this subdivision.   9.  "Preferred  lender  list"  shall  mean  a  list  of  one  or  more recommended or suggested lending institutions that a covered institution makes available for use, in print  or  any  other  medium  or  form,  by borrowers, potential borrowers or others.    10.  "Revenue  sharing"  shall  mean any arrangement whereby a lending institution pays a  covered  institution  or  an  affiliated  entity  or organization  of  such covered institution a percentage of the principal of each loan directed towards the lending institution from a borrower at the covered institution.