§ 682.701. Definitions of terms used in this subpart.
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/us/cfr/t34/s§ 682.701·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The following definitions apply to terms used in this subpart: Designated Departmental Official: An official of the Department of Education to whom the Secretary has delegated the responsibility for initiating and pursuing disqualification or limitation, suspension, or termination proceedings. Disqualification. The removal of a lender's eligibility for an indefinite period of time by the Secretary on review of limitation, suspension, or termination action taken against the lender by a guaranty agency.
Limitation. The continuation of a lender's or third-party servicer's eligibility subject to compliance with special conditions established by agreement with the Secretary or a guaranty agency, as applicable, or imposed as the result of a limitation or termination proceeding. Suspension. The removal of a lender's eligibility, or a third-party servicer's eligibility to contract with a lender or guaranty agency, for a specified period of time or until the lender or servicer fulfills certain requirements.
Termination.
(1)The removal of a lender's eligibility for an indefinite period of time---
(i)By a guaranty agency; or
(ii)By the Secretary, based on an action taken by the Secretary, or a designated Departmental official under § 682.706; or
(2)The removal of a third-party servicer's eligibility to contract with a lender or guaranty agency for an indefinite period of time by the Secretary based on an action taken by the Secretary, or a designated Departmental official under § 682.706. (Authority: 20 U.S.C. 1080, 1082, 1085, 1094) \[57 FR 60323, Dec. 18, 1992, as amended at 59 FR 22457, Apr. 29, 1994; 78 FR 65822, Nov. 1, 2013\]
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§ 682.701
Definitions of terms used in this subpart.
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