1. “Private education lender” means any person engaged in the business of securing, making or extending private education loans, or any holder of a private education loan.
2. To the extent that state law is not preempted by federal law, the term does not include:
(a) A bank, savings bank, savings and loan association or credit union;
(b) A wholly owned subsidiary of a bank or credit union;
(c) An operating subsidiary if each owner of the operating subsidiary is wholly owned by the same bank or credit union;
(d) The Nevada System of Higher Education; or
(e) The Western Interstate Commission for Higher Education.