(a) In this section:
(1) “Institution of higher education” has the meaning assigned by § 61.003.
(2) “Student loan” means a loan for which the loan agreement requires that all or part of the loan proceeds be used to assist a person in attending an institution of higher education or other postsecondary institution.
(3) “Student loan lender” means a person whose primary business is:
(A) making, brokering, arranging, or accepting applications for student loans; or
(B) a combination of activities described by Paragraph (A).
(b) A person employed by an institution of higher education in the financial aid office of the institution may not:
(1) own stock or hold another ownership interest in a student loan lender, other than through ownership of shares in a publicly traded mutual fund or similar investment vehicle in which the person does not exercise any discretion regarding the investment of the assets of the fund or other investment vehicle; or
(2) solicit or accept any gift from a student loan lender.

Terms Used In Texas Education Code 51.9645

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005

(c) A person who violates this section is subject to dismissal or other appropriate disciplinary action.

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