§ 9-k. Sale of education loans.
1."Banking institution" as used in\nthis section shall mean and include all banks, trust companies, savings\nbanks, savings and loan associations, credit unions and foreign banking\ncorporations whether incorporated, chartered, organized or licensed\nunder the laws of this state or any other state or the United States.\n 2. "Lender" as used in this section shall mean and include:\n (a) a national or state chartered bank, mutual savings bank, savings\nand loan association, or credit union that:\n (1) is subject to examination and supervision in its capacity as a\nlender by an agency of the United States or of the state in which its\nprincipal place of operation is established; and\n (2) does not make or hold loans to students under the federal\nguarant
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§ 9-k. Sale of education loans. 1. "Banking institution" as used in\nthis section shall mean and include all banks, trust companies, savings\nbanks, savings and loan associations, credit unions and foreign banking\ncorporations whether incorporated, chartered, organized or licensed\nunder the laws of this state or any other state or the United States.\n 2. "Lender" as used in this section shall mean and include:\n (a) a national or state chartered bank, mutual savings bank, savings\nand loan association, or credit union that:\n (1) is subject to examination and supervision in its capacity as a\nlender by an agency of the United States or of the state in which its\nprincipal place of operation is established; and\n (2) does not make or hold loans to students under the federal\nguaranteed student loan program that total more than one-half of its\nconsumer credit loan dollar volume, including home mortgages, unless it\nis a bank that is wholly owned by a state; or\n (b) a pension fund as defined in the federal employees retirement\nincome security act; or\n (c) an insurance company that is subject to examination and\nsupervision by an agency of the United States or a state; or\n (d) in any state, a single agency of the state or a single private\nnonprofit agency designated by the state; or\n (e) for purposes only of purchasing and holding loans made by other\nlenders under the federal guaranteed student loan program, the student\nloan marketing association or an agency of any state functioning as a\nsecondary market.\n 3. "Guaranteed education loan" as used in this section shall mean and\ninclude any loan made for the purpose of financing higher education\nwhich is made under the authority of Part B of Title IV of the Higher\nEducation Act of 1965 as amended or under the authority of section six\nhundred eighty of the education law.\n 4. Whenever a banking institution or other eligible lender as such\nterms are defined in this section sells a guaranteed education loan to\nanother banking institution or eligible lender, such selling institution\nshall notify the borrower in writing within fifteen days of such sale.\nSuch notice shall include the name and address of the institution which\nhas purchased such loan. The selling institution shall also notify the\nNew York state higher education services corporation or other guarantor\nof such sale. Notice shall include:\n (a) the name and address of the institution which has purchased the\nloan; and\n (b) the name, address and social security number of the borrower and\nthe borrower's account number.\n