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164A.020 Definitions.
The following words and terms, unless the context clearly indicates a different
meaning, shall have the following respective meanings:
(1) "Board" means the board of directors of the corporation.
(2) "Bonds" or "notes" means the bonds or bond anticipation notes authorized to
be issued by the corporation pursuant to this chapter.
(3) "Corporation" means the Kentucky Higher Education Student Loan
Corporation, an independent de jure municipal corporation and political
subdivision of the Commonwealth of Kentucky created to perform essential
governmental services.
(4) "Eligible institution" means any educational institution described as an eligible
institution in the federal act which has, if required by the guarantee agency, a
contract in force with the guarantee agency pursuant to the federal act and this
chapter.
(5) "Eligible lender" means the Kentucky Higher Education Assistance Authority, a
de jure political subdivision of the Commonwealth of Kentucky and the
corporation and all other entities described as eligible lenders in the federal act
which have in force a contract with the guarantee agency providing for loan
guarantees to be issued by the guarantee agency to the subject lender under
the federal act and this chapter.
(6) "Federal act" means the Higher Education Act of 1965, as from time to time
amended, codified as 20 U.S.C. secs. 1001 et seq.
(7) "Guarantee agency" means the Kentucky Higher Education Assistance
Authority duly organized and existing pursuant to the statutory laws of the
Commonwealth of Kentucky or any agency authorized as a guarantor pursuant
to the federal act.
(8) "Qualified student" means a student who qualifies for an insured student loan
under the federal act.
(9) "Insured student loan" means a loan to a qualified student on which the
payment of principal and interest is at least ninety-five percent (95%) insured
by the guarantee agency and reinsured by the Secretary of Education of the
United States in accordance with the requirements of the federal act, or at least
ninety-five percent (95%) insured as to principal amount by the United States
under the federal act or the Health Professions Educational Assistance Act of
1976, codified as 42 U.S.C. secs. 294 et seq. as from time to time amended.
As used in connection with the purchase, making, or acquisition of insured
student loans by the corporation, the term insured student loan shall further
mean and refer to any contingent interest, security interest, pledge,
commitment, chose in action, or other property interest in any such loan.
Effective:July 15, 1996
History: Amended 1996 Ky. Acts ch. 350, sec. 6, effective July 15, 1996. -Amended 1994 Ky. Acts ch. 35, sec. 1, effective March 8, 1994; and ch. 53,
sec. 2, effective July 15, 1994. -- Amended 1988 Ky. Acts ch. 272, sec. 1,
effective July 15, 1988. -- Created 1978 Ky. Acts ch. 387, sec. 2, effective June
17, 1978.
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