Part 1 Corporate Structure
Part 2 Student Financial Aid
Part 3 Student Loans
Part 4 Miscellaneous Provisions
Part 5 the New York Higher Education Loan Program

Terms Used In New York Laws > Education > Title 1 > Article 14

  • Academic year: shall mean the regular school year beginning July first and ending June thirtieth. See N.Y. New York City Administrative Code 27-881
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Appraisal: A determination of property value.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
  • art merchant: includes an auctioneer who sells such works at public auction, and except in the case of multiples, includes persons, not otherwise defined or treated as art merchants herein, who are consignors or principals of auctioneers. See N.Y. New York City Administrative Code 27-523
  • Artist: means the creator of a work of fine art or, in the case of multiples, the person who conceived or created the image which is contained in or which constitutes the master from which the individual print was made. See N.Y. New York City Administrative Code 27-523
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • banking law: refer to laws of the state;

    4. See N.Y. New York City Administrative Code 11-601

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • Bequest: Property gifted by will.
  • board: means the board of trustees of the state university of New York. See N.Y. New York City Administrative Code 27-2041
  • Board: shall mean the board of trustees of the New York state higher education services corporation. See N.Y. New York City Administrative Code 27-881
  • borrower: shall mean (i) a student who is a resident of New York state attending, or accepted for enrollment at, an eligible college, or (ii) the parent, legal guardian, or sponsor, as defined by the corporation in regulation, of a student attending, or accepted for enrollment at, an eligible college who is a resident of New York state, and who obtains an education loan from a lending institution to pay for or finance higher education expenses under this program. See N.Y. New York City Administrative Code 27-902
  • Captive REIT: means a REIT (a) that is not regularly traded on an established securities market, and (b) more than fifty percent of the voting stock of which is owned or controlled, directly or indirectly, by a single corporation that is not exempt from federal income tax and is not a REIT. See N.Y. New York City Administrative Code 11-601
  • Captive RIC: means a RIC (a) that is not regularly traded on an established securities market, and (b) more than fifty percent of the voting stock of which is owned or controlled, directly or indirectly, by a single corporation that is not exempt from federal income tax and is not a RIC. See N.Y. New York City Administrative Code 11-601
  • Chambers: A judge's office.
  • Charge to the jury: The judge's instructions to the jury concerning the law that applies to the facts of the case on trial.
  • Child witness: means a person fourteen years old or less who is or will be called to testify in a criminal proceeding, other than a grand jury proceeding, concerning an offense defined in article one hundred thirty of the penal law or section 255. See N.Y. New York City Administrative Code 27-272
  • Clinic: shall mean a facility located either within or outside of a state university health care facility providing services related to the medical education mission of the university, but shall not include state university student health services. See N.Y. New York City Administrative Code 27-2007
  • Commission: shall mean the empire state plaza art commission created by this article. See N.Y. New York City Administrative Code 27-509
  • Commissioner: means the commissioner of education of the state of New York. See N.Y. New York City Administrative Code 27-998
  • Commissioner of finance: means the commissioner of finance of the city;

    6. See N.Y. New York City Administrative Code 11-601

  • Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
  • Computerized test: means any test form administered to test subjects by means of a computer. See N.Y. New York City Administrative Code 27-998
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Corporation: shall mean the New York state higher education services corporation. See N.Y. New York City Administrative Code 27-881
  • Craft: means a functional or non-functional work individually designed, and crafted by hand, in any medium including but not limited to textile, tile, paper, clay, glass, fiber, wood, metal or plastic; provided, however, that if produced in multiples, craft shall not include works mass produced or produced in other than a limited edition. See N.Y. New York City Administrative Code 27-523
  • Creditors: means "creditor" as defined in subdivision twelve of section 1-201 of the uniform commerical code. See N.Y. New York City Administrative Code 27-523
  • Cross examine: Questioning of a witness by the attorney for the other side.
  • Decedent: A deceased person.
  • Department of finance: means the department of finance of the city;

    7. See N.Y. New York City Administrative Code 11-601

  • Dependent: A person dependent for support upon another.
  • Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
  • Devise: To gift property by will.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Docket: A log containing brief entries of court proceedings.
  • Domestic corporation: means a corporation organized under the laws of the state; and

    8. See N.Y. New York City Administrative Code 11-601

  • Donor: The person who makes a gift.
  • Dormitory facilities revenue fund: means the fund established pursuant to section sixteen hundred eighty-q of the public authorities law. See N.Y. New York City Administrative Code 27-2007
  • Dormitory facilities revenues: means all moneys, including rents, fees and charges, derived from the use or occupancy of dormitory facilities. See N.Y. New York City Administrative Code 27-2007
  • Dormitory facility: means a dormitory, as such term is defined in paragraph (a) of subdivision two of section sixteen hundred seventy-six of the public authorities law. See N.Y. New York City Administrative Code 27-2007
  • Education loan: shall mean any loan that is made under this program to finance or refinance higher education expenses at an eligible college. See N.Y. New York City Administrative Code 27-902
  • electing employee: shall mean any eligible employee who exercises his election pursuant to this article to come under the optional retirement program. See N.Y. New York City Administrative Code 27-2041
  • electing employer: means a community college which elects to offer the optional retirement program as herein provided. See N.Y. New York City Administrative Code 27-2041
  • Eligible co-signer: shall mean a parent, legal guardian or otherwise credit worthy individual over twenty-one years of age who satisfies applicable credit criteria approved by the corporation and is a resident of New York state. See N.Y. New York City Administrative Code 27-902
  • Eligible college: shall mean a post-secondary institution, located within New York state, eligible for funds under Title IV of the Higher Education Act of nineteen hundred sixty-five, as amended, or successor statute offering a two-year, four-year, graduate or professional degree granting or certificate program. See N.Y. New York City Administrative Code 27-902
  • eligible employees: means those employees in positions requiring the performance of educational functions in teacher education, agriculture, home economics, forestry, ceramics, liberal and applied arts and sciences, engineering, technical skills, crafts, business education, labor and industrial relations, medicine, dentistry, veterinary medicine, pharmacy, nursing, law, public affairs, maritime officer training, academic administration, library service, student activities, student personnel service and other professions required to carry on the work of the state university and the colleges, schools, institutes, research centers, facilities and institutions comprising it and of the community colleges. See N.Y. New York City Administrative Code 27-2041
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Empire state plaza: shall mean the Governor Nelson A. See N.Y. New York City Administrative Code 27-509
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Ex officio: Literally, by virtue of one's office.
  • Executive session: A portion of the Senate's daily session in which it considers executive business.
  • Executor: A male person named in a will to carry out the decedent
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Federal student aid programs: shall mean the programs of the United States government making financial aid available to pay for the cost of attending post-secondary institutions and established under Title IV of the Higher Education Act of nineteen hundred sixty-five, as amended, or any successor statute. See N.Y. New York City Administrative Code 27-881
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fine art: means a painting, sculpture, drawing, or work of graphic art, and print, but not multiples. See N.Y. New York City Administrative Code 27-523
  • fire retired employee: shall mean any person who was retired for service on or after April eighth, nineteen hundred sixty and prior to May first, nineteen hundred and sixty-three, or retired for disability on or after April eighth, nineteen hundred sixty and prior to May first, nineteen hundred sixty-four and receives, as a result of such retirement, a retirement allowance or pension from a retirement or pension system or plan of the city for members of the uniformed force of the fire department. See N.Y. New York City Administrative Code 13-671
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Forbearance: A means of handling a delinquent loan. A
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Grantor: The person who establishes a trust and places property into it.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
  • Higher education expenses: shall mean the cost of attendance at an eligible college and shall include tuition and fees, books, room and board, and other educationally related expenses, as determined by the corporation. See N.Y. New York City Administrative Code 27-902
  • Holder: shall mean , with respect to an education loan: (i) a lender; (ii) a public benefit corporation authorized to finance the purchase or making of education loans pursuant to the public authorities law; or (iii) any assignee of such lender or public benefit corporation. See N.Y. New York City Administrative Code 27-902
  • Hudson river valley: means the Hudson river and adjacent areas between the Adirondack Mountains and the tip of Manhattan Island in the city of New York. See N.Y. New York City Administrative Code 27-521.12
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Institute: means the Institute for the Hudson River Collection created by this article. See N.Y. New York City Administrative Code 27-521.12
  • insurer: shall mean a life insurance corporation, or other corporation subject to department of financial services supervision. See N.Y. New York City Administrative Code 27-2041
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Juror: A person who is on the jury.
  • Legacy: A gift of property made by will.
  • Lend: shall include one or more of the following services: the origination, disbursement, servicing, and/or collection of any student or parent education loan made by or on behalf of a lending institution a government entity, or an institution of higher education for the purpose of paying for higher education expenses as well as serving as a secondary market for these loans. See N.Y. New York City Administrative Code 27-881
  • lender: shall mean any entity that itself or through an affiliate originates education loans, other than an entity authorized to finance the purchase or making of education loans through the issuance of bonds pursuant to the public authorities law. See N.Y. New York City Administrative Code 27-902
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • local sponsor: means any city, county, intermediate school district, or school district approved by the board, sponsoring or participating in the establishment or operation of a community college. See N.Y. New York City Administrative Code 27-2041
  • Majority leader: see Floor Leaders
  • Minority leader: See Floor Leaders
  • Mistrial: An invalid trial, caused by fundamental error. When a mistrial is declared, the trial must start again from the selection of the jury.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • On consignment: means that no title to, estate in, or right to possession of, the work of fine art or multiple that is superior to that of the consignor vests in the consignee, notwithstanding the consignee's power or authority to transfer or convey all the right, title and interest of the consignor, in and to such work, to a third person. See N.Y. New York City Administrative Code 27-523
  • Operator: means the individual authorized by the court to operate the closed-circuit television equipment used in accordance with the provisions of this article. See N.Y. New York City Administrative Code 27-272
  • optional retirement program: means the retirement program established pursuant to this article. See N.Y. New York City Administrative Code 27-2041
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Part: means each portion of a test for which a score is calculated. See N.Y. New York City Administrative Code 27-998
  • Personal property: All property that is not real property.
  • Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • police retired employee: shall mean any person who was retired for service on or after June fifth, nineteen hundred sixty and prior to May first, nineteen hundred sixty-three and receives, as a result of such retirement, a retirement allowance or pension from a retirement or pension system or plan of the city for members of the uniformed force of the police department. See N.Y. New York City Administrative Code 13-662
  • Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts
  • President: shall mean the president of the corporation. See N.Y. New York City Administrative Code 27-881
  • Private law: A private bill enacted into law. Private laws have restricted applicability, often addressing immigration and naturalization issues affecting individuals.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • Program: shall mean the New York Higher Education Loan Program established by this article. See N.Y. New York City Administrative Code 27-902
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • REIT: means a real estate investment trust as defined in section eight hundred fifty-six of the internal revenue code. See N.Y. New York City Administrative Code 11-601
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • RIC: means a regulated investment company as defined in section eight hundred fifty-one of the internal revenue code. See N.Y. New York City Administrative Code 11-601
  • salary: means all amounts paid by or for the state as compensation for services rendered by an eligible employee holding a position with the state university or by or for a community college as compensation for services rendered by an eligible employee holding a position at such college. See N.Y. New York City Administrative Code 27-2041
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State agency: shall mean any state board, body, bureau, commission, council, department, public authority, public corporation, division, office, or other governmental entity performing a governmental or proprietary function for the state, but shall not include the legislature. See N.Y. New York City Administrative Code 27-509
  • State agency: means any state board, body, bureau, commission, council, department, public authority, public corporation, division, office or other governmental entity performing a governmental or proprietary function for the state. See N.Y. New York City Administrative Code 27-521.12
  • state university: means the state university of New York and the term "community college" means a college established and operated under article one hundred twenty-six of this chapter. See N.Y. New York City Administrative Code 27-2041
  • State university health care facility: shall mean a hospital, as defined in section twenty-eight hundred one of the public health law, operated by the state university, or a clinic, as defined in subdivision six of this section, of a state university health sciences center at Brooklyn, Buffalo, Stony Brook and Syracuse, or the College of Optometry. See N.Y. New York City Administrative Code 27-2007
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Student: shall mean any individual who is enrolled at least half-time, as defined by the commissioner, in a two year, four year, graduate or professional degree granting or certificate program at an eligible college. See N.Y. New York City Administrative Code 27-902
  • Successor in interest: shall mean a "personal representative" "testamentary beneficiary" trustee or beneficiary of a "lifetime trust" or an "heir" (including heirs who acquire the work of fine art, craft or print from the artist or craftsperson or from another heir or beneficiary of the artist or craftsperson), which terms shall have the same meanings as set forth in the estates, powers and trusts law. See N.Y. New York City Administrative Code 27-523
  • Summons: Another word for subpoena used by the criminal justice system.
  • Taxpayer: means any corporation, association or other entity or individual subject to tax under this chapter;

    2. See N.Y. New York City Administrative Code 11-601

  • test: means any test that is given in New York at the expense of the test subject and designed for use and used in the process of selection for post-secondary or professional school admissions. See N.Y. New York City Administrative Code 27-998
  • Test agency: means any organization, association, corporation, partnership, or individual or person that develops, sponsors or administers a test. See N.Y. New York City Administrative Code 27-998
  • Test form: means the test booklet or instrument used for each part of each test. See N.Y. New York City Administrative Code 27-998
  • Test subject: means an individual to whom a test is administered. See N.Y. New York City Administrative Code 27-998
  • Test year: means the twelve-month period commencing September first during which the test agency administers a particular test. See N.Y. New York City Administrative Code 27-998
  • Testimonial room: means any room, separate and apart from the courtroom, which is furnished comfortably and less formally than a courtroom and from which the testimony of a vulnerable child witness can be transmitted to the courtroom by means of live, two-way closed-circuit television. See N.Y. New York City Administrative Code 27-272
  • this state: means the state of New York;

    3. See N.Y. New York City Administrative Code 11-601

  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • University centers: shall mean the university centers at Albany, Binghamton, Buffalo and Stony Brook. See N.Y. New York City Administrative Code 27-2007
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing.
  • Vulnerable child witness: means a child witness whom a court has declared to be vulnerable. See N.Y. New York City Administrative Code 27-272