34 C.F.R. § 682.701 Definitions of terms used in this subpart.
Title 34 - Education
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 or school's eligibility for an indefinite period of time by the Secretary on review of limitation, suspension, or termination action taken against the lender or school 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]
Title 34: Education
PART 682—FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM
Subpart G—Limitation, Suspension, or Termination of Lender or Third-party Servicer Eligibility and Disqualification of Lenders and Schools
§ 682.701 Definitions of terms used in this subpart.
