For the purposes of this article, all of the following definitions apply:

(a) “Auxiliary organization” means the organization established pursuant to Article 2.5 (commencing with Section 69522).

(b) “Director” means the Director of Finance.

(c) “Federal Family Education Loan Program” means the program established pursuant to Part B (commencing with Section 1071) of Subchapter IV of Chapter 28 of Title 20 of the United States Code, and includes, but is not necessarily limited to, the Stafford and PLUS loan programs.

(d) “Federal Student Loan Reserve Fund” means the fund of that name established pursuant to Section 69766.

(e) “Operating agreement” means the agreement entered into between the Student Aid Commission and the auxiliary organization pursuant to Section 69522.

(f) “Secretary of Education” means the United States Secretary of Education and the Secretary of Education acting through the United States Department of Education.

(g) “State student loan guarantee program” means the activities performed by the Student Aid Commission as a state student loan guarantee agency pursuant to Public Law 94-482, and subsequent federal regulations, as authorized pursuant to Article 13 (commencing with Section 69760) or on behalf of the Student Aid Commission by the auxiliary organization.

(h) “State student loan guarantee program assets” means all of the assets of the state student loan guarantee program held by the Student Aid Commission and all assets of the auxiliary organization, tangible and intangible, including, without limitation, the state’s interest in all loan guarantee contracts and agreements, the funds deposited in the Student Loan Operating Fund other than federal funds, all funds held by the auxiliary organization other than federal funds, and the state’s interest in any leases of real property or equipment entered into by the auxiliary organization. These assets shall not include any property of the United States held by the Student Aid Commission or the auxiliary organization, as determined pursuant to Public Law 94-482, or subsequent federal regulations.

(i) “State student loan guarantee program liabilities” means all of the liabilities of the state student loan guarantee program as determined by the Director of Finance.

(j) “Student Loan Operating Fund” means the fund of that name established by Section 69766.

(k) “Transferee guarantee agency” means an alternative student loan guarantee agency for the Federal Family Education Loan Program that is the purchaser of the state student loan guarantee program assets and liabilities.

(l) “Transferee guaranty program operator” means the entity with which the state enters into an arrangement for the operation of the state student loan guarantee program pursuant to this article.

(m) “Treasurer” means the State Treasurer.

(Added by Stats. 2007, Ch. 182, Sec. 1. Effective August 24, 2007.)