Florida Regulations 28-40.002: Definitions
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As used in this rule:
(1) Agency which holds educational loans. Any agency of the State or its political subdivisions which is the obligee or assignee of an educational loan.
(2) Default. The failure of a borrower to make an installment payment when due, or to meet other terms of an educational loan provided that this failure persists for:
(a) 180 days for a loan repayable in monthly installments; or
(b) 240 days for a loan repayable in less frequent installments.
(3) Educational Loan. A loan made or guaranteed by the State or any of its political subdivisions for the purpose of providing a student or parent borrower with financial assistance for the beneficiary to pursue an education. As used in the rule chapter, the term “”educational loan”” includes, but is not limited to, loans authorized pursuant to Title IV, Part B of the Higher Education Act of 1965, as amended (20 U.S.C. § 1071, et seq.), and loans, scholarship loans and fellowship loans authorized pursuant to Florida Statutes Chapter 240, Part IV
(4) Employee. Any elected or appointed official or any person employed by the State or any of its political subdivisions.
(5) Employer. Any employing agency of the State or of its political subdivisions.
(6) Pay. Total wages or compensation of an employee excluding payments for overtime.
(7) Political subdivision. Any county, municipality, special district, district school board, community college, or other government entity except agencies of the federal government.
(8) Annual Leave. Authorized leave of absence with pay granted an employee for vacation or other personal purposes.
(9) Sick Leave. Authorized leave of absence with pay granted an employee for the employee’s personal illness and injury or for the illness or injury of a member of an employee’s immediate family when the employee’s presence with the family member is necessary.
Rulemaking Authority Florida Statutes § 112.175(2). Law Implemented 112.175(2) FS. History-New 5-27-90.
Terms Used In Florida Regulations 28-40.002
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(2) Default. The failure of a borrower to make an installment payment when due, or to meet other terms of an educational loan provided that this failure persists for:
(a) 180 days for a loan repayable in monthly installments; or
(b) 240 days for a loan repayable in less frequent installments.
(3) Educational Loan. A loan made or guaranteed by the State or any of its political subdivisions for the purpose of providing a student or parent borrower with financial assistance for the beneficiary to pursue an education. As used in the rule chapter, the term “”educational loan”” includes, but is not limited to, loans authorized pursuant to Title IV, Part B of the Higher Education Act of 1965, as amended (20 U.S.C. § 1071, et seq.), and loans, scholarship loans and fellowship loans authorized pursuant to Florida Statutes Chapter 240, Part IV
(4) Employee. Any elected or appointed official or any person employed by the State or any of its political subdivisions.
(5) Employer. Any employing agency of the State or of its political subdivisions.
(6) Pay. Total wages or compensation of an employee excluding payments for overtime.
(7) Political subdivision. Any county, municipality, special district, district school board, community college, or other government entity except agencies of the federal government.
(8) Annual Leave. Authorized leave of absence with pay granted an employee for vacation or other personal purposes.
(9) Sick Leave. Authorized leave of absence with pay granted an employee for the employee’s personal illness and injury or for the illness or injury of a member of an employee’s immediate family when the employee’s presence with the family member is necessary.
Rulemaking Authority Florida Statutes § 112.175(2). Law Implemented 112.175(2) FS. History-New 5-27-90.