Section 9-K. Sale of education loans

1. "Banking institution" as used in
  this section shall mean and include all banks, trust companies,  savings
  banks,  savings and loan associations, credit unions and foreign banking
  corporations whether  incorporated,  chartered,  organized  or  licensed
  under the laws of this state or any other state or the United States.
    2. "Lender" as used in this section shall mean and include:
    (a)  a  national or state chartered bank, mutual savings bank, savings
  and loan association, or credit union that:
    (1) is subject to examination and supervision in  its  capacity  as  a
  lender  by  an  agency of the United States or of the state in which its
  principal place of operation is established; and
    (2) does not  make  or  hold  loans  to  students  under  the  federal
  guaranteed  student  loan  program  that total more than one-half of its
  consumer credit loan dollar volume, including home mortgages, unless  it
  is a bank that is wholly owned by a state; or
    (b)  a  pension  fund  as  defined in the federal employees retirement
  income security act; or
    (c)  an  insurance  company  that  is  subject  to   examination   and
  supervision by an agency of the United States or a state; or
    (d)  in  any  state,  a single agency of the state or a single private
  nonprofit agency designated by the state; or
    (e) for purposes only of purchasing and holding loans  made  by  other
  lenders  under  the federal guaranteed student loan program, the student
  loan marketing association or an agency of any state  functioning  as  a
  secondary market.
    3.  "Guaranteed education loan" as used in this section shall mean and
  include any loan made for the  purpose  of  financing  higher  education
  which  is  made  under the authority of Part B of Title IV of the Higher
  Education Act of 1965 as amended or under the authority of  section  six
  hundred eighty of the education law.
    4.  Whenever  a  banking  institution or other eligible lender as such
  terms are defined in this section sells a guaranteed education  loan  to
  another banking institution or eligible lender, such selling institution
  shall  notify  the borrower in writing within fifteen days of such sale.
  Such notice shall include the name and address of the institution  which
  has  purchased  such loan. The selling institution shall also notify the
  New York state higher education services corporation or other  guarantor
  of such sale.  Notice shall include:
    (a)  the  name  and address of the institution which has purchased the
  loan; and
    (b) the name, address and social security number of the  borrower  and
  the borrower's account number.