Terms Used In New York Laws > Education > Title 1 > Article 13-B - Student Lending Accountability, Transparency and Enforcement Act

• Acquittal:
  1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
  2. A verdict of "not guilty."
   
• Adoption: means the delivery to any natural person eighteen years of age or older, for the limited purpose of harboring a pet, of any dog or cat, seized or surrendered. See N.Y. Agriculture and Markets Law 350
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Animal: as used in this article , includes every living creature except a human being;
  
  2. See N.Y. Agriculture and Markets Law 350
• Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
• Arrest: Taking physical custody of a person by lawful authority.
• Borrower: shall mean a student attending a covered institution in this state, or a parent or person in parental relation to such student, who also obtains an educational loan from a lending institution to pay for or finance higher education expenses. See N.Y. Education Law 620
• Commissioner: means the commissioner of the office of children and family services. See N.Y. Executive Law 523-A
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Covered institution: shall mean any college, vocational institution, or approved program as defined in section six hundred one of this title. See N.Y. Education Law 620
• Covered institution employee: shall mean any employee, agent, contractor, director, officer or trustee of a covered institution. See N.Y. Education Law 620
• cruelty: includes every act, omission, or neglect, whereby unjustifiable physical pain, suffering or death is caused or permitted. See N.Y. Agriculture and Markets Law 350
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means the director of the office of the ombudsman. See N.Y. Executive Law 523-A
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Educational loan: shall mean any loan that is made, insured, or guaranteed under Part B of Title IV of the Federal Higher Education Act of nineteen hundred sixty-five, as amended, any high risk loan or any private loan issued by a lending institution for the purposes of paying for or financing higher education expenses. See N.Y. Education Law 620
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Farm animal: as used in this article , means any ungulate, poultry, species of cattle, sheep, swine, goats, llamas, horses or fur-bearing animals, as defined in section 11-1907 of the environmental conservation law, which are raised for commercial or subsistence purposes. See N.Y. Agriculture and Markets Law 350
• Forbearance: A means of handling a delinquent loan. A
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift: shall mean any discount, favor, gratuity, inducement, loan, stock, thing of value, or other item having more than nominal value. See N.Y. Education Law 620
• High risk loans: shall mean any agreement between a lending institution and a covered institution that provides for the lending institution to provide loans to students with a poor or no credit history, who would otherwise not be eligible for educational loans. See N.Y. Education Law 620
• Higher education expenses: shall include the following:
  
  a. See N.Y. Education Law 620
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lending institution: shall mean :
  
  a. See N.Y. Education Law 620
• Oath: A promise to tell the truth.
• Office: means the office of children and family services. See N.Y. Executive Law 523-A
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• pet: means any dog or cat, and shall also mean any other domesticated animal normally maintained in or near the household of the owner or person who cares for such other domesticated animal. See N.Y. Agriculture and Markets Law 350
• Preferred lender list: shall mean a list of one or more recommended or suggested lending institutions that a covered institution makes available for use, in print or any other medium or form, by borrowers, potential borrowers or others. See N.Y. Education Law 620
• Revenue sharing: shall mean any arrangement whereby a lending institution pays a covered institution or an affiliated entity or organization of such covered institution a percentage of the principal of each loan directed towards the lending institution from a borrower at the covered institution. See N.Y. Education Law 620
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.