164A.020 Definitions.

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