Private Educational Lender Law and Legal Definition

Pursuant to 15 USCS § 1650 (6), [Title 15. Commerce and Trade; Chapter 41. Consumer Credit Protection; Consumer Credit Cost Disclosure; Credit Transactions] the term private educational lender means--

“(A) a financial institution, as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) that solicits, makes, or extends private education loans;

(B) a Federal credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752) that solicits, makes, or extends private education loans; and

(C) any other person engaged in the business of soliciting, making, or extending private education loans.”