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Current as of March 28, 2024 | Updated by FindLaw Staff
As used in this chapter:
(1) “Default” means the failure to:
(A) Repay a student loan according to the terms agreed upon in a promissory note; or
(B) Satisfy the requirements and conditions of a work-conditional scholarship for repayment;
(2) “Delinquent” means the failure to:
(A) Make a student loan payment when the payment is due; or
(B) Satisfy the requirements and conditions of a work-conditional scholarship for repayment;
(3) “License” means a license, certificate, registration, permit, or other form of authorization required by law or rule that is required for an individual to engage in a particular occupation or profession;
(4) “Scholarship” means an award of financial aid to a student for education at a public or private institution of higher education;
(5) “State authority” means an office, board, commission, department, council, bureau, or other agency of state government having authority to license, certify, register, permit, or otherwise authorize an individual to engage in a particular occupation or profession; and
(6) “Student loan” means a loan guaranteed by the United States Government or state government for purposes of education at a public or private institution of higher education.
Cite this article: FindLaw.com - Arkansas Code Title 17. Professions, Occupations, and Businesses § 17-2-103. Definitions - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-17-professions-occupations-and-businesses/ar-code-sect-17-2-103/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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