Sec. 2. "Approved lender", for the purposes of IC 21-16-4, means:
(1) an eligible institution; or
(2) a bank, trust company, savings association, credit union, or other entity as described in 20 U.S.C. 1085(d) whose primary consumer credit function is not the making of guaranteed student loans and which is examined and supervised by the appropriate state or federal regulatory agency.