{"data":{"id":"us-ky/krs-286.12-010","jurisdiction":"us-ky","citation":"KRS 286.12-010","heading":"Definitions for subtitle.","body":"As used in this subtitle, unless the context requires otherwise:\n(1) \"Affiliate\" means any person who directly, or indirectly through one (1) or more\nintermediaries, controls, is controlled by, or is under common control with another\nperson;\n(2) \"Applicant\" means a person filing an application or renewal application for a license\nunder this subtitle;\n(3) \"Borrower\" means a person who:\n(a) Has received, or agreed to pay, a student education loan; or\n(b) Shares responsibility for repaying a student education loan with a person\ndescribed in paragraph (a) of this subsection;\n(4) \"Borrower with a disability\" means a borrower who the servicer knows, or\nreasonably should know, is a person who has a documented disability;\n(5) \"Borrower working in public service\" mea ns a borrower who is employed in a\npublic service job as defined in the Higher Education Act, 20 U.S.C. sec. 1087e(m),\nas amended, and administrative regulations promulgated thereunder;\n(6) \"Control\" means the power, directly or indirectly, to direct the management or\npolicies of a company, whether through ownership of securities, by contract, or\notherwise;\n(7) \"Director\" means a person appointed or elected to sit on a board that manages the\naffairs of a corporation or other organization by electing and exercising control over\nits officers;\n(8) \"In this state\" means any activity of a person relating to servicing student education\nloans that originates:\n(a) Inside this state and is directed to persons inside or outside this state; or\n(b) Outside this state and is directed to persons inside this state;\n(9) \"Licensee\" means a person licensed as a student education loan servicer under this\nsubtitle;\n(10) \"Managing officer\" means a natural person responsible for overseeing daily\noperations of a licensee;\n(11) \"Military borrower\" means a borrower who is:\n(a) A service member, as defined in the Service Member Civil Relief Act, 50\nU.S.C. sec. 3911, as amended;\n(b) A veteran, as defined in 38 U.S.C. sec. 101, as amended; or\n(c) Any other member or veteran of the Un ited States Armed Forces, including\nthe National Guard and any reserve component of the United States Armed\nForces;\n(12) \"Student education loan\" means any loan to a borrower to finance postsecondary\neducation or expenses related to postsecondary education;\n(13) \"Student education loan servicer\" or \"servicer\":\n(a) Means a person engaged in the business of servicing student education loans\nin this state; and\n(b) Includes licensees and persons that are exempt from licensure under this\nsubtitle; and\n(14) \"Student education loan servicing\" or \"servicing\" means participating in any of the\nfollowing activities related to a student education loan:\n(a) Performing both of the following:\n1. Receiving:\na. Payments from a borrower; or\nb. Notification that a borrower ma de a scheduled periodic payment;\nand\n2. Applying payments to the borrower's account pursuant to the terms of a\nstudent education loan or the contract governing the servicing of the\nloan;\n(b) During a period when no payment is required on a student educatio n loan,\nperforming both of the following:\n1. Maintaining account records for the student education loan; and\n2. Communicating with the borrower regarding the student education loan\non behalf of the owner of the student education loan promissory note;\n(c) Communicating with a borrower regarding the borrower's student education\nloan with the goal of facilitating the borrower to:\n1. Make payments on the student education; or\n2. Apply for a qualified forebearance program; or\n(d) Facilitating the activities described in paragraph (a) or (b) of this subsection.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52725","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:15Z","sha256":"0be6d3d3c391ebe50d1cd64a846b0ee6da545b827bb4f775d63225e74a072d64","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.12-005","next":"us-ky/krs-286.12-020"},"notice":"GroundRules: Original legal text. Not legal advice."}