Definitions

For purposes of this Chapter, the following words have the following meanings: (1) "Commissioner" means the commissioner of the Office of Financial Institutions. (2) "Private education lender" means any person engaged in the business of securing, making, or extending a private education loan, or any holder of a private education loan. "Private education lender" shall not include any person who services a private education loan, to the extent such person does not also secure, make, extend, or own the loan. "Private education lender" shall not include any federally insured financial institution, its subsidiaries, and affiliates. (3) "Private education loan" means an extension of credit or a debt or obligation owed or incurred by a consumer, contractual or otherwise, contingent or absolute, that meets all of the following criteria: (a) Is not made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. 1070 et seq. (b) Is extended to or owed or incurred by a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether the extension of credit or debt or obligation owed or incurred is provided by the provider of postsecondary education that the student attends. (c) Does not include any loan that is secured by immovable property or a dwelling. (4) "Provider of postsecondary education" means a person engaged in the business of providing postsecondary education, via correspondence, online, or in this state, to a person located in this state.