Oklahoma § 74-1732 - Definitions

§ 74-1732. Definitions

As used in this act:

1. “Agency” means any executive branch entity of state

government, including agencies that do not receive direct

appropriations from the Oklahoma Legislature;

2. “Eligible employee” means a person who is a full-time

employee of an agency and who incurred a debt pursuant to the

obligations under a qualified education loan;

3. “Qualified education loan” means a debt owed by the employee

to any private or public entity for which repayment is legally

required over a period greater than one (1) year; the proceeds from

which were used by the employee to make payment of tuition, fees, or

other education expenses, such as books and materials, to an

institution of higher learning, including any private college or

university for course work to obtain an undergraduate or graduate

degree; and

4. “Required payback period” means two thousand (2,000) hours

of full-time employment with the payor agency for each Five Thousand

Dollars ($5,000.00) of qualified education loan expense paid for by

the agency.

Added by Laws 2007, c. 207, § 3, eff. July 1, 2007.