2023 New York Laws › FIS - Financial Services Law › Article 7 - Student Debt Consultants › 701 - Definitions.

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