Eligible Lender (Health Care) Law and Legal Definition

Eligible lender in the context of health care refers to an agency of a State or a private entity including an insurance company, financial or credit institution functioning as a lender under the control and supervision of an agency of the United States or of any State, and which is designated, regulated by the State, and approved by the Secretary as an eligible institution.

The term "eligible lender” is defined under 42 USCS § 292o (2) as an eligible institution that became a lender under this subpart prior to September 15, 1992, an agency or instrumentality of a State, a financial or credit institution (including an insurance company) which is subject to examination and supervision by an agency of the United States or of any State, a pension fund approved by the Secretary for this purpose, or a nonprofit private entity designated by the State, regulated by the State, and approved by the Secretary.