2023 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 669 - Regulated Activities
Section 36a-846. - Definitions.

As used in this section and sections 36a-847 to 36a-855, inclusive:

(1) “Advertise” or “advertising” has the same meaning as provided in section 36a-485;

(2) “Branch office” means a location other than the main office at which a licensee or any person on behalf of a licensee acts as a student loan servicer;

(3) “Consumer report” has the same meaning as provided in Section 603(d) of the Fair Credit Reporting Act, 15 USC, 1681a, as amended from time to time;

(4) “Control person” has the same meaning as provided in section 36a-485;

(5) “Cosigner” has the same meaning as provided in 15 USC 1650(a), as amended from time to time;

(6) “Federal student education loan” means any student education loan (A) (i) made pursuant to the William D. Ford Federal Direct Loan Program, 20 USC 1087a, et seq., as amended from time to time, or (ii) purchased by the United States Department of Education pursuant to 20 USC 1087i-1(a), as amended from time to time, and (B) owned by the United States Department of Education;

(7) “Federal student loan servicer” means any student loan servicer responsible for the servicing of a federal student education loan to a student loan borrower pursuant to a contract awarded to such person by the United States Department of Education under 20 USC 1087f, as amended from time to time;

(8) “Main office” has the same meaning as provided in section 36a-485;

(9) “Private student education loan” means any student education loan that is not a federal student education loan;

(10) “Private student education loan servicer” means any student loan servicer responsible for the servicing of a private student education loan to a student loan borrower;

(11) “Student loan borrower” means any individual who resides within this state who has agreed to repay a student education loan;

(12) “Student loan servicer” means any person, wherever located, responsible for the servicing of any student education loan to any student loan borrower;

(13) “Servicing” means (A) receiving any scheduled periodic payments from a student loan borrower pursuant to the terms of a student education loan; (B) applying the payments of principal and interest and such other payments with respect to the amounts received from a student loan borrower, as may be required pursuant to the terms of a student education loan; (C) maintaining account records for and communicating with the student loan borrower concerning the student education loan during the period when no scheduled periodic payments are required; (D) interacting with a student loan borrower for purposes of facilitating the servicing of a student education loan, including, but not limited to, assisting a student loan borrower to prevent such borrower from defaulting on obligations arising from the student education loan; or (E) performing other administrative services with respect to a student education loan;

(14) “Student education loan” means any loan primarily for personal use to finance education or other school-related expenses;

(15) “Unique identifier” has the same meaning as provided in section 36a-485.

(P.A. 15-162, S. 2; P.A. 17-233, S. 32; P.A. 18-173, S. 84; P.A. 21-130, S. 1; 21-190, S. 1.)

History: P.A. 17-233 added new Subdiv. (1) defining “advertise” or “advertising”, added new Subdiv. (2) defining “control person” and redesignated existing Subdivs. (1) to (4) as Subdivs. (3) to (6); P.A. 18-173 added new Subdiv. (2) defining “branch office”, redesignated existing Subdiv. (2) as new Subdiv. (3), added new Subdiv. (4) defining “main office”, redesignated existing Subdiv. (3) as new Subdiv. (5) and amended same to redefine “student loan borrower”, redesignated existing Subdivs. (4) to (6) as Subdivs. (6) to (8), and added Subdiv. (9) defining “unique identifier”; P.A. 21-130 expanded applicability of definitions to Secs. 36a-847a, 36a-847b and 36a-855, defined “federal student education loan”, “federal student loan servicer”, “private student education loan” and “private student education loan servicer”, effective July 1, 2021; P.A. 21-190 added the same definitions as P.A. 21-130 and defined “consumer report” and “cosigner” and redefined “servicing”, effective July 1, 2021.