Sec. 10a-223. Definitions. - Connecticut Statutes

      Sec. 10a-223. Definitions. In this chapter, the following words and terms shall have the following meanings unless the context indicates another or different meaning or intent:

      (a) "Authority" means the Higher Education Supplemental Loan Authority established pursuant to section 10a-224;

      (b) "Authority loans" means education loans by the authority, or loans by the authority from the proceeds of bonds for the purpose of funding education loans;

      (c) "Bonds" or "revenue bonds" means revenue bonds or notes of the authority issued under the provisions of this chapter, including revenue refunding bonds or notes;

      (d) "Bond resolution" means the resolution or resolutions of the authority and the trust agreement, if any, authorizing the issuance of and providing for the terms and conditions applicable to bonds;

      (e) "Borrower" means a student and any parent who has received or agreed to pay an education loan;

      (f) "Connecticut institution for higher education" means an institution for higher education within the state;

      (g) "Default insurance" means insurance insuring education loans, authority loans or bonds against default;

      (h) "Default reserve fund" means a fund established pursuant to a bond resolution for the purpose of securing education loans, authority loans or bonds;

      (i) "Education loan" means a loan which is made by the authority to a student in or from the state, or the parents of such a student, or both, to finance the attendance of the student at an institution for higher education, or a loan by or on behalf of a participating institution for higher education from the proceeds of an authority loan, to a student, or the parents of a student, or both, to finance the student's attendance at such institution;

      (j) "Loan funding deposit" means moneys or other property deposited by a Connecticut institution for higher education with the authority, a guarantor or a trustee for the purpose of (1) providing security for bonds, (2) funding a default reserve fund, (3) acquiring default insurance, or (4) defraying costs of the authority, such moneys or properties to be in such amounts as deemed necessary by the authority or guarantor as a condition for such institution's participation in the authority's programs;

      (k) "Institution for higher education" means a degree-granting educational institution within the United States authorized by applicable law to provide a program of education beyond the high school level and (1) described in Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, and exempt from taxation under Section 501(a) of said code with respect to a trade or business carried on by such institution which is not an unrelated trade or business, determined by applying Section 513(a) of said code to such organization or a foundation established for its benefit or (2) exempt from taxation under said code as a governmental unit;

      (l) "Participating institution for higher education" means a Connecticut institution for higher education which, pursuant to the provisions of this chapter, undertakes the financing directly or indirectly of education loans as provided in this chapter;

      (m) "Parent" means any parent, legal guardian or sponsor of a student at an institution for higher education;

      (n) "Education loan series portfolio" means all education loans made by the authority or by or on behalf of a specific participating institution for higher education which are funded from the proceeds of a related specific bond issue of the authority.

      (P.A. 82-313, S. 3, 28; P.A. 87-295, S. 2, 8; P.A. 89-211, S. 19; P.A. 91-210, S. 1, 5; P.A. 93-96, S. 1.)

      History: P.A. 87-295 included "education loans by the authority" in the definition of "authority loans"; added new Subsec. (f) defining "Connecticut institution for higher education" and renumbered the remaining Subsecs.; redefined "education loan" to include loans made by the authority; redefined "institution for higher education" to mean an institution in the United States rather than one in the state; redefined "participating institution for higher education" to mean a Connecticut institution; redefined "education loan series portfolio" to include loans made by the authority; and made technical changes; P.A. 89-211 clarified reference to the Internal Revenue Code of 1986; P.A. 91-210 amended Subsec. (k) to reflect changes in the definitions in the Internal Revenue Code of 1986; P.A. 93-96 made a technical amendment to Subsec. (k), defining "institution for higher education".