{"data":{"id":"us-ok/okla.-stat.-tit.-14a-14a-3-702","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 14A, § 14A-3-702","heading":"Definitions","body":"(1) The term \"covered educational institution\" means any\n\neducational institution that offers a postsecondary educational\n\ndegree, certificate, or program of study (including any institution\n\nof higher education) and includes an agent, officer, or employee of\n\nthe educational institution.\n\n(2) (a) The term \"gift\" means any gratuity, favor, discount,\n\nentertainment, hospitality, loan, or other item having\n\nmore than a de minimis monetary value, including\n\nservices, transportation, lodging, or meals, whether\n\nprovided in kind, by purchase of a ticket, payment in\n\nadvance, or reimbursement after the expense has been\n\nincurred. Gift includes an item described in this\n\nparagraph provided to a family member of an officer,\n\nemployee, or agent of a covered educational\n\ninstitution, or to any other individual based on that\n\nindividual's relationship with the officer, employee,\n\nor agent, if the item is provided with the knowledge\n\nand acquiescence of the officer, employee, or agent;\n\nand the officer, employee, or agent has reason to\n\nbelieve the item was provided because of the official\n\nposition of the officer, employee, or agent.\n\n(b) Gift does not include:\n\n(i) standard informational material related to a\n\nloan, default aversion, default prevention, or\n\nfinancial literacy;\n\n(ii) food, refreshments, training, or informational\n\nmaterial furnished to an officer, employee, or\n\nagent of a covered educational institution, as an\n\nintegral part of a training session or through\n\nparticipation in an advisory council that is\n\ndesigned to improve the service of the private\n\neducational lender to the covered educational\n\ninstitution, if such training or participation\n\ncontributes to the professional development of\n\nthe officer, employee, or agent of the covered\n\neducational institution;\n\n(iii) favorable terms, conditions, and borrower on a\n\nprivate education loan provided to a student\n\nemployed by the covered educational institution,\n\nif such terms, conditions, or benefits are not\n\nprovided because of the student's employment with\n\nthe covered educational institution;\n\n(iv) the provision of financial literacy counseling or\n\nservices, including counseling or services\n\nprovided in coordination with a covered\n\neducational institution, to the extent that such\n\ncounseling or services are not undertaken to\n\nsecure:\n\n(aa) applications for private education loans or\n\nprivate education loan volume;\n\n(bb) applications or loan volume for any loan\n\nmade, insured, or guaranteed under Title IV\n\nof the Higher Education Act of 1965 (20\n\nU.S.C. 1070 et seq.);\n\n(cc) the purchase of a product or service of a\n\nspecific private educational lender;\n\n(dd) philanthropic contributions to a covered\n\neducational institution from a private\n\neducational lender that are unrelated to\n\nprivate education loans and are not made in\n\nexchange for any advantage related to\n\nprivate education loans; or\n\n(ee) state education grants, scholarships, or\n\nfinancial aid funds administered by or on\n\nbehalf of a state.\n\n(3) The term \"institution of higher education\" has the same\n\nmeaning as in 20 U.S.C. 1002.\n\n(4) The term \"postsecondary educational expenses\" means any of\n\nthe expenses that are included as part of the cost of attendance of\n\na student, as defined in 20 U.S.C. 1087.\n\n(5) The term \"preferred lender arrangement\" has the same\n\nmeaning as in Section 151 of the Higher Education Act of 1965.\n\n(6) The term \"private educational lender\" means:\n\n(a) a financial institution, as defined in 12 U.S.C. 1813\n\nthat solicits, makes, or extends private education\n\nloans;\n\n(b) a Federal credit union, as defined in 12 U.S.C. 1752\n\nthat solicits, makes, or extends private education\n\nloans; and\nm \"preferred lender arrangement\" has the same\n\nmeaning as in Section 151 of the Higher Education Act of 1965.\n\n(6) The term \"private educational lender\" means:\n\n(a) a financial institution, as defined in 12 U.S.C. 1813\n\nthat solicits, makes, or extends private education\n\nloans;\n\n(b) a Federal credit union, as defined in 12 U.S.C. 1752\n\nthat solicits, makes, or extends private education\n\nloans; and\n\n(c) any other person engaged in the business of\n\nsoliciting, making, or extending private education\n\nloans.\n\n(7) The term \"private education loan\" means a loan provided by\n\na private educational lender that:\n\n(a) is not made, insured, or guaranteed under 20 U.S.C.\n\n1070 et seq.;\n\n(b) is issued expressly for postsecondary educational\n\nexpenses to a borrower, regardless of whether the loan\n\nis provided through the educational institution that\n\nthe subject student attends or directly to the\n\nborrower from the private educational lender; and\n\n(c) does not include an extension of credit under an open-\n\nend consumer credit plan, a reverse mortgage\n\ntransaction, a residential mortgage transaction, or\n\nany other loan that is secured by real property or a\n\ndwelling.\n\n(8) The term \"revenue sharing\" means an arrangement between a\n\ncovered educational institution and a private educational lender\n\nunder which:\n\n(a) a private educational lender provides or issues\n\nprivate education loans with respect to students\n\nattending the covered educational institution;\n\n(b) the covered educational institution recommends to\n\nstudents or others the private educational lender or\n\nthe private education loans of the private educational\n\nlender; and\n\n(c) the private educational lender pays a fee or provides\n\nother material benefits, including profit sharing, to\n\nthe covered educational institution in connection with\n\nthe private education loans provided to students\n\nattending the covered educational institution or a\n\nborrower acting on behalf of a student.","path":["OK Code","Title 14A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os14A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"95035d2d4216d6181e111c0abc7be7d3f0c40b3586a0683721fbf2ca39a4713d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-14a-14a-3-701","next":"us-ok/okla.-stat.-tit.-14a-14a-3-703"},"notice":"GroundRules: Original legal text. Not legal advice."}