In this subtitle the following terms have the meanings indicated. “Institution of postsecondary education” has the meaning stated in § 10–101 of the Education Article. “Institution of postsecondary education” includes an institution that: Is not accredited by an accredited body recognized and approved by the U.S. Department of Education; or Is not authorized to operate in the State; and Conducts education by correspondence, online, or in person. “Student financing” means an extension of credit to a consumer, contractual or otherwise, contingent or absolute, that is: Not made, insured, or guaranteed under Title IV of the federal Higher Education Act of 1965; Extended to a consumer expressly, in whole or in part, for postsecondary educational expenses, regardless of whether the extension of credit is provided by the institution of postsecondary education that the consumer attends; and Not a loan secured by real property or a dwelling. “Student financing” includes: An extension of credit used to refinance or repay existing student financing or federal student loan debt; and Financial obligations in which the repayment amount is equal to a predetermined percentage of a consumer’s future income. “Student financing company” means an entity engaged in the business of securing, making, or extending student financing products, or any purchaser, assignee, or holder of student financing products. “Student financing company” does not include, to the extent that State regulation is preempted by federal law: A bank, savings bank, savings and loan association, or credit union; A wholly owned subsidiary of a bank or credit union; or An operating subsidiary where each owner is wholly owned by the same bank or credit union.