Terms Used In Iowa Code 261F.7

  • Borrower: means a student attending a covered institution in this state, or a parent or person in parental relation to such student, who obtains an educational loan from a lending institution to pay for or finance a student's higher education expenses. See Iowa Code 261F.1
  • Covered institution: includes an authorized agent of the educational institution, including an alumni association, booster club, or other organization directly or indirectly associated with or authorized by the institution or an employee of the institution. See Iowa Code 261F.1
  • Lender: means a person whose name appears on the records of the museum as the person legally entitled to property held or owing by the museum. See Iowa Code 305B.2
  • lending institution: means a creditor as defined in section 103 of the federal Truth in Lending Act, 15 U. See Iowa Code 261F.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 Except for educational loans made, insured, or guaranteed by the federal government, a lending institution included on a covered institution‘s preferred lender list shall, upon receiving a request from a borrower, covered institution, or government entity, disclose to the requester in reasonable detail and form, the terms of private educational loans made to borrowers by that lending institution and the rates of interest charged to borrowers for private educational loans in the year preceding the disclosures.