As used in this paragraph, a «Covered Borrower» means any person who, at the time such person becomes obligated
on a loan transaction or establishes an account for consumer credit, satisfies the requirements under any one or more of the following classifications, or is otherwise under applicable laws deemed to be a «Covered Borrower» under the Military Lending Act, 10 U.S. Code Section 987: (a) An active duty member of the Army, Navy, Marine Corps, Air Force or Coast Guard, or a person serving
on active Guard and Reserve duty (a person described in this clause (a) of the definition of «Covered Borrower» is hereinafter referred to as a «Service Member»); or (b) Any of the following persons, relative to a Service Member: (1) The spouse; (2) A child under the age of 21; or (3) If
dependent on the Service Member for more than one half of such person's support, any one or more of the following persons: (i) A child under the age of 23 enrolled in a full time course of study at an institution of higher learning; (ii) A child of any age incapable of self support due to a mental or physical incapacity that occurred before attaining age 23 while such person was
dependent on the Service Member; (iii) Any unmarried person placed in legal
custody of the Service Member who resides with such Service Member unless separated by military service or to receive institutional care or under other circumstances covered by Regulation; or (iv) A parent or parent - in - law residing in the Service Member's household.
In this respect, it is important to consider who has
custody of the child and
on whom the child is legally, financially, or emotionally
dependent (see also O and S, para. 56).
The court stated that this concern with the nature of the parties» custodial arrangement was not
dependent on the terms used by the parties to describe their arrangement as the terms of their agreement and the divorce judgment indicated that the parties only had joint legal
custody.