(1) Any money, service, loan, entertainment, honoraria, hospitality,
lodging costs, meals, registration fees, travel expenses, discount,
forbearance or promise;
(2) Gifts provided in kind, by purchase of a ticket, payment in
advance, or reimbursement after expenses have been incurred;
(3) Any computer hardware for which the recipient pays below-market
prices;
(4) Any printing costs or services.
b. The term "gift" shall not include any of the following:
(1) A lending institution's own brochure or promotional literature;
(2) Food, refreshments, training, or informational material furnished
to a covered institution employee as an integral part of a training
session, if such training contributes to the professional development of
the covered institution employee.
c. Nothing in this article shall be construed to affect the private
philanthropic activities of banks or other lending institutions that are
unrelated to educational loans.
6. "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.
7. "Higher education expenses" shall include the following:
a. tuition and fees;
b. costs incurred for books, supplies, transportation, and
miscellaneous personal expenses; and
c. room and board costs.
8. "Lending institution" shall mean:
a. any entity that itself or through an affiliate makes educational
loans to pay for or finance higher education expenses or that
securitizes such loans;
b. any entity, or association of entities, that guarantees educational
loans; or
c. any industry, trade or professional association or other entity
that receives money, related to educational loan activities, from any
entity described above in paragraphs a and b of this subdivision.
9. "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.
10. "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.
Structure New York Laws
Article 13-B - Student Lending Accountability, Transparency and Enforcement Act
621 - Prohibition of Gifts Made by Lending Institutions to Covered Institutions and Their Employees.
622 - Prohibition of Receipt of Gifts by Covered Institutions.
623 - Prohibition of Receipt of Gifts by Covered Institution Employees.
624 - Covered Institution Employee Prohibitions and Reporting Requirements.
625 - Misleading Identification of Lending Institutions' Employees.
626 - Loan Disclosure and Prohibition of Quid Pro Quo High Risk Loans.
627 - Standards for Preferred Lender Lists.
628 - Proper Execution of Master Promissory Notes.