Okla. Stat. tit. 14A, § 14A-3-702

(1) The term "covered educational institution" means any

educational institution that offers a postsecondary educational

degree, certificate, or program of study (including any institution

of higher education) and includes an agent, officer, or employee of

the educational institution.

(2) (a) The term "gift" means any gratuity, favor, discount,

entertainment, hospitality, loan, or other item having

more than a de minimis monetary value, including

services, transportation, lodging, or meals, whether

provided in kind, by purchase of a ticket, payment in

advance, or reimbursement after the expense has been

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incurred. Gift includes an item described in this

paragraph provided to a family member of an officer,

employee, or agent of a covered educational

institution, or to any other individual based on that

individual's relationship with the officer, employee,

or agent, if the item is provided with the knowledge

and acquiescence of the officer, employee, or agent;

and the officer, employee, or agent has reason to

believe the item was provided because of the official

position of the officer, employee, or agent.

(b) Gift does not include:

(i) standard informational material related to a

loan, default aversion, default prevention, or

financial literacy;

(ii) food, refreshments, training, or informational

material furnished to an officer, employee, or

agent of a covered educational institution, as an

integral part of a training session or through

participation in an advisory council that is

designed to improve the service of the private

educational lender to the covered educational

institution, if such training or participation

contributes to the professional development of

the officer, employee, or agent of the covered

educational institution;

(iii) favorable terms, conditions, and borrower on a

private education loan provided to a student

employed by the covered educational institution,

if such terms, conditions, or benefits are not

provided because of the student's employment with

the covered educational institution;

(iv) the provision of financial literacy counseling or

services, including counseling or services

provided in coordination with a covered

educational institution, to the extent that such

counseling or services are not undertaken to

secure:

(aa) applications for private education loans or

private education loan volume;

(bb) applications or loan volume for any loan

made, insured, or guaranteed under Title IV

of the Higher Education Act of 1965 (20

U.S.C. 1070 et seq.);

(cc) the purchase of a product or service of a

specific private educational lender;

(dd) philanthropic contributions to a covered

educational institution from a private

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educational lender that are unrelated to

private education loans and are not made in

exchange for any advantage related to

private education loans; or

(ee) state education grants, scholarships, or

financial aid funds administered by or on

behalf of a state.

(3) The term "institution of higher education" has the same

meaning as in 20 U.S.C. 1002.

(4) The term "postsecondary educational expenses" means any of

the expenses that are included as part of the cost of attendance of

a student, as defined in 20 U.S.C. 1087.

(5) The term "preferred lender arrangement" has the same

meaning as in Section 151 of the Higher Education Act of 1965.

(6) The term "private educational lender" means:

(a) a financial institution, as defined in 12 U.S.C. 1813

that solicits, makes, or extends private education

loans;

(b) a Federal credit union, as defined in 12 U.S.C. 1752

that solicits, makes, or extends private education

loans; and
m "preferred lender arrangement" has the same

meaning as in Section 151 of the Higher Education Act of 1965.

(6) The term "private educational lender" means:

(a) a financial institution, as defined in 12 U.S.C. 1813

that solicits, makes, or extends private education

loans;

(b) a Federal credit union, as defined in 12 U.S.C. 1752

that solicits, makes, or extends private education

loans; and

(c) any other person engaged in the business of

soliciting, making, or extending private education

loans.

(7) The term "private education loan" means a loan provided by

a private educational lender that:

(a) is not made, insured, or guaranteed under 20 U.S.C.

1070 et seq.;

(b) is issued expressly for postsecondary educational

expenses to a borrower, regardless of whether the loan

is provided through the educational institution that

the subject student attends or directly to the

borrower from the private educational lender; and

(c) does not include an extension of credit under an open-

end consumer credit plan, a reverse mortgage

transaction, a residential mortgage transaction, or

any other loan that is secured by real property or a

dwelling.

(8) The term "revenue sharing" means an arrangement between a

covered educational institution and a private educational lender

under which:

(a) a private educational lender provides or issues

private education loans with respect to students

attending the covered educational institution;

(b) the covered educational institution recommends to

students or others the private educational lender or

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the private education loans of the private educational

lender; and

(c) the private educational lender pays a fee or provides

other material benefits, including profit sharing, to

the covered educational institution in connection with

the private education loans provided to students

attending the covered educational institution or a

borrower acting on behalf of a student.