Okla. Stat. tit. 24 § 171

Current through Laws 2024, c. 453.

Section 171 - Definitions

As used in the Oklahoma Student Borrower's Bill of Rights Act:

1. "Guarantor" means a nonprofit or state organization that works with a lender, servicer, school and the U.S. Department of Education to help students successfully repay certain federal student loans;

2. "Student loan borrower" means:

a. any resident of this state who has received or agreed to pay a student education loan, or

b. any person who shares responsibility with such resident for repaying the student education loan;

3. "Student loan servicer" means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower;

4. "Servicing" means:

a. receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan,

b. applying the payments of principal and interest and such other payments with respect to the amounts received from a student loan borrower, as may be required pursuant to the terms of a student education loan, and

c. performing other administrative services with respect to a student education loan.

Servicing does not include default aversion efforts provided by state or nonprofit guaranty agencies as required by their agreement with the U.S. Department of Education under the Higher Education Act of 1965; and

5. "Student education loan" means any loan primarily for personal use to finance education or other school-related expenses.

Okla. Stat. tit. 24, § 171

Added by Laws 2021 , c. 272, s. 2, eff. 11/1/2021.