Section 1002 - [Operative 2/15/2025] Definitions - Student Debt Relief ServicesWith respect to student debt relief services, these terms shall have the following meanings:
(a) "Charges" mean all amounts contracted for or received by a person in connection with the person's provision of student debt relief services to a consumer.(b) "Federal student debt" means education financing as defined in section 1003, subdivision (b), that is made or guaranteed pursuant to the federal student aid provisions of the Higher Education Act of 1965 (20 U.S.C. § 1070 et seq.).(c) "Private student debt" means any education financing as defined in section 1003, subdivision (b), that is not federal student debt.(d) "Student debt" means any debt arising from education financing as defined in section 1003, subdivision (b).(e) "Student debt relief services" means: (1) Any debt settlement service, as that term is defined by section 1001, subdivision (b), where the underlying debt is student debt; or(2) Any of the following acts performed in connection with, or in contemplation of, an attempt to secure a revised payment plan or schedule, forbearance, consolidation, or forgiveness, in connection with student debt: (A) Assessing suitability or providing advice;(B) Preparing documents to be submitted by a consumer or on the consumer's behalf; or(C) Acting as an intermediary between a consumer and the servicer of the consumer's student debt.Cal. Code Regs. Tit. 10, § 1002
Note: Authority cited: Section 90009, Financial Code. Reference: Sections 90003, 90005 and 90009, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).