Massachusetts General Laws ch. 93L sec. 1 – Definitions
Section 1. As used in this chapter, the following terms shall have the following meanings unless the context clearly requires otherwise:
Terms Used In Massachusetts General Laws ch. 93L sec. 1
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Other entity: includes a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
”Commissioner”, the commissioner of banks.
”Person”, a natural person, corporation or other entity.
”Servicing”, (i) receiving or soliciting a scheduled periodic payment from a borrower pursuant to the terms of a student loan and making the principal, interest and other payments to the owner of the loan or other third party with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract; (ii) maintaining account records for a loan and communicating with the borrower regarding the loan on behalf of the owner of the loan during a period in which no payment is required on the loan; or (iii) interacting with a borrower, including activities to help prevent default on obligations arising from a loan, to facilitate the activities described in clause (i) or clause (ii); provided, however, that the actions of the student loan ombudsman under section 35 of chapter 12 and the actions of the division of banks consumer assistance unit under section 3A of chapter 26 shall not constitute servicing.
”Student loan”, a loan primarily used to finance post-secondary education or other school-related expenses.
”Student loan borrower”, a resident of the commonwealth who has received or agreed to repay a student loan or a person who shares responsibility with that resident for repaying the student loan.
”Student loan servicer”, a person responsible for servicing a student loan to a student loan borrower.