                                 CODE OF VIRGINIA

DEFINITIONS (§ 23.1-231)

As used in this article, unless the context requires a different meaning:
		&#8220;Qualified education loan&#8221; means any qualified education loan
obtained specifically to finance education or other school-related expenses.
&#8220;Qualified education loan&#8221; does not include credit card debt, home
equity loan, or revolving debt.
		&#8220;Qualified education loan borrower&#8221; means (i) any current resident
of the Commonwealth who has received or agreed to pay a qualified education loan
or (ii) any person who shares responsibility with such resident for repaying the
qualified education loan.
		&#8220;Qualified education loan servicer&#8221; or &#8220;loan servicer&#8221;
means any person, wherever located, responsible for the servicing of any
qualified education loan to any qualified education loan borrower.
		&#8220;Servicing&#8221; means (i) receiving any scheduled periodic payments
from a qualified education loan borrower pursuant to the terms of a qualified
education loan; (ii) applying the payments of principal and interest and such
other payments, with respect to the amounts received from a qualified education
loan borrower, as may be required pursuant to the terms of a qualified education
loan; and (iii) performing other administrative services with respect to a
qualified education loan.

HISTORY: 2018, cc. 489, 755.