La. Admin. Code tit. 10 § XV-2001

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-2001 - Definitions

Annual Registration Period-is the first day of January through the thirty-first day of December for each calendar year, beginning January 1, 2024.

Annual Registration Renewal Period-is the first day of November of each calendar year through the thirty-first day of December of each calendar year, beginning November 1, 2024.

Commissioner-is the commissioner of the Office of Financial Institutions.

Expired Registration-any private education lender registration for which no timely registration renewal application is submitted.

Lapsed Registration-any private education lender registration for which no timely or untimely registration renewal application is submitted.

Lender-is any private education lender or person extending credit as a private education loan.

Loan Holder or Holder-any person owning and servicing any private education loan.

Loan Owner-any private education lender to the extent that the person:

1. secures, makes or extends any private education loan to any resident borrower and:

a. services the private education loan; or

b. outsources loan servicing of the private education loan to any third party.

2. holds and services any private education loan secured, made or extended by any private education lender.

Loan Servicing-includes:

1. receiving any periodic payments from any resident borrower or notification of such payments and application of payments to the resident borrower's account;

2. maintaining account records for any private education loan and communicating with any resident borrower regarding the loan, on behalf of the loan's holder or owner, during a period when no payment is required on the private education loan;

3. interactions with any resident borrower, including activities to help prevent default on obligations arising from private education loans, to facilitate the activities described in Paragraphs 1 and 2 of this Subsection.

NMLS-is the Nationwide Multistate Licensing System developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries.

Person-is any individual, partnership, limited liability company, corporation, trust, association, business or nonprofit entity, or other legal entity, or group of individuals, however organized. "Person" shall not include a public corporation, government, or governmental subdivision, agency, or instrumentality.

Provider of Postsecondary Education-is any person engaged in the business of providing education beyond high school, including but not limited to two-year and four-year colleges and universities, and occupational or technical training, via correspondence, online, or in this state, to any resident borrower.

Private Education Lender-is any person engaged in the business of:

1. securing, making, or extending any private education loan to a resident borrower; and

2. servicing any private education loan that person secured, made or extended to a resident borrower.

3. this term shall not include any:

a. person who services a private education loan, to the extent the person does not also secure, make, extend, or own the loan;

b. federally insured financial institution, its subsidiaries, and affiliates.

Private Education Lending-is engaging in business as a private education lender.

Private Education Loan-is any extension of credit to or a debt or obligation owed or incurred by, a resident borrower, contractual or otherwise, contingent or absolute, that meets the following criteria:

1. is not made, insured, or guaranteed under Title IV of the Higher Education Act of 1965, 20 U.S.C. 1070 et seq.; or

2. is extended to or owed or incurred by a resident borrower expressly, in whole or in part, for postsecondary education expenses, regardless of whether the extension of credit to or debt or obligation owed or incurred is provided by the provider of postsecondary education that the resident borrower attends.

3. this term shall not include any loan that is secured by immovable property or a dwelling.

Private Student Loan Registry-is the official, publicly accessible list of private education lenders registered to secure, make, extend, own or hold private education loans to resident borrowers, compiled and published by the Office of Financial Institutions, in accordance with R.S. 6:1421, et seq.

Resident Borrower-is any person:

1. residing in the state;

2. who resided in the State for more than six months in the aggregate during the previous calendar year; or

3. domiciled in the State; and

4. receives a private education loan;

5. agrees to repay a private education loan; or

6. shares responsibilities for repayment of a private education loan with any resident.

State-is the state of Louisiana.

Timely Registration Renewal Application-is any application for renewal of a private education lender registration submitted between the first day of November and the thirty-first day of December of the annual registration period for which the registration is issued.

Untimely Registration Renewal Application-is any application for renewal of a private education lender registration submitted between the first day of January and the last day of February of any calendar year beginning after March 31, 2024.

La. Admin. Code tit. 10, § XV-2001

Promulgated by the Office of the Governor, Office of Financial Institutions, LR 49, exp. 6/17/2024(Emergency), Amended LR 50518 (4/1/2024).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121, R.S. 6:1421, R.S. 6:1422, R.S. 6:1423, and R.S. 6:1424.