Rhode Island General Laws 19-33-2. Definitions
As used in this chapter:
(1) “Commissioner” means the commissioner of postsecondary education.
(2) “Department” means the department of business regulation, division of banking.
(3) “Director” means the director of the department of business regulation or designee.
(4) “Distressed borrower” means a student loan education borrower who is not considered current on their student education loan payments by the student loan servicer.
(5) “Student education loan” means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.
(6) “Student loan borrower” means:
(i) Any resident of this state who has received or agreed to pay a postsecondary student education loan; or
(ii) Any person who shares responsibility, as a guarantor or by other legal obligation, with such resident for repaying the postsecondary student education loan for another.
(7) “Student loan servicer” means any person or entity who or that engages in student loan servicing as defined in this chapter.
(8) “Student loan servicing” or “servicing” means:
(i)(A) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments; and
(B) Applying payments to the student loan borrower’s account pursuant to the terms of the student education loan or of the contract governing the servicing;
(ii) During a period when no payment is required on a student education loan, maintaining account records for the loan; and
(iii) Communicating with the student loan borrower regarding the loan, on behalf of the loan’s holder; or
(iv) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in this section.
History of Section.
P.L. 2019, ch. 199, § 1; P.L. 2019, ch. 265, § 1.
Terms Used In Rhode Island General Laws 19-33-2
- Commissioner: means the commissioner of postsecondary education. See Rhode Island General Laws 19-33-2
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of business regulation, division of banking. See Rhode Island General Laws 19-33-2
- Director: means the director of the department of business regulation or designee. See Rhode Island General Laws 19-33-2
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- servicing: means :
(i)(A) Receiving any scheduled periodic payments from a student loan borrower or notification of such payments; and
(B) Applying payments to the student loan borrower's account pursuant to the terms of the student education loan or of the contract governing the servicing;
(ii) During a period when no payment is required on a student education loan, maintaining account records for the loan; and
(iii) Communicating with the student loan borrower regarding the loan, on behalf of the loan's holder; or
(iv) Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate the activities described in this section. See Rhode Island General Laws 19-33-2
- Student education loan: means any loan made to a student loan borrower primarily for personal use to finance postsecondary education or other school-related expenses, and does not include an extension of credit under an open-end consumer credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling. See Rhode Island General Laws 19-33-2
- Student loan borrower: means :
(i) Any resident of this state who has received or agreed to pay a postsecondary student education loan; or
(ii) Any person who shares responsibility, as a guarantor or by other legal obligation, with such resident for repaying the postsecondary student education loan for another. See Rhode Island General Laws 19-33-2
- Student loan servicer: means any person or entity who or that engages in student loan servicing as defined in this chapter. See Rhode Island General Laws 19-33-2