Section 725A.500 - Definitions As used in ORS 725A.500 to 725A.530:
(1) "Affiliate" means a person that controls, is controlled by or is under common control with another person.(2) "Applicant" means a person that applies for a license to engage in business as a student loan servicer in this state.(3) "Borrower" means a resident of this state who has received or agreed to pay a student loan or another person who shares responsibility with the resident for repaying a student loan.(4) "Branch office" means a location at which a business entity services a student loan other than the business entity's headquarters or principal place of business.(5) "Business entity" means a corporation, limited liability company, partnership, limited partnership, business trust, joint venture or other form of business organization the constituent parts of which share a common economic interest.(6) "Controller" means: (a) A director, officer or general partner of a business entity;(b) A managing member of a limited liability company;(c) A person that has a direct or indirect right to vote 10 percent or more of the securities of a business entity that have voting rights or the power to sell or cause the sale of 10 percent or more of any class of a business entity's securities;(d) A person that has contributed 10 percent or more to a partnership's capital or has the right to receive a distribution of 10 percent or more of a partnership's capital or assets upon dissolution; or(e) A person that, under the terms of a contract or because the person has an ownership interest in another person, has the power to manage or set policies for the other person or otherwise direct the other person's operations or affairs.(7) "Licensee" means a person that has applied for and obtained or renewed a license from the Director of the Department of Consumer and Business Services to engage in business as a student loan servicer in this state.(8) "Manager" means an individual who has supervisory authority over employees and operations at a business entity's branch office or other business location.(9) "Person" means an individual or a business entity.(10) "Service a student loan" means to: (a) Receive a scheduled periodic payment from a borrower under the terms of a student loan;(b) Apply payments of principal and interest and other payments from a borrower in accordance with the terms of a student loan; or(c) Perform other administrative services with respect to a student loan including, but not limited to, performing any of the following actions during periods in which a payment on a student loan is not due:(A) Maintaining account records for the student loan;(B) Communicating with the borrower about the student loan on behalf of the lender; or(C) Interacting with a borrower to prevent a default on a student loan or to enable the activities described in paragraphs (a) and (b) of this subsection.(11) "Student loan" means a loan the proceeds of which a borrower uses primarily for personal use to pay education expenses or other school-related expenses.Added by 2021 Ch. 651, § 1, eff. 7/27/2021, op. 7/1/2022.