N.Y. Education Law 628 – Proper execution of master promissory notes
Current as of: 2024 | Check for updates
|
Other versions
§ 628. Proper execution of master promissory notes. A covered institution shall not direct in any manner whatsoever potential borrowers to any electronic master promissory notes or other loan agreements that do not provide a reasonable and convenient alternative for the borrower to complete a master promissory note with any federally approved lending institution offering the relevant loan in this state.
Terms Used In N.Y. Education Law 628
- 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
- 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
- Lending institution: shall mean :
a. See N.Y. Education Law 620