Title 7, Chapter 7, Section 1
As used in this chapter, the term:
(1) "Advance fee" means any consideration which is assessed or
collected, prior to the closing of a loan, by a loan broker.
(2) "Borrower" means a person obtaining or desiring to obtain a
loan of money, a credit card, or a line of credit.
(3) "Loan broker" means any person, firm, or corporation who does
not operate or maintain an office that is open regularly to the
public for the transaction of business and where potential
borrowers actually visit to transact, discuss, or negotiate
potential loans and:
(A) For or in expectation of consideration, arranges or attempts
to arrange or offers to fund a loan of money, a credit card, or
a line of credit;
(B) For or in expectation of consideration, assists or advises a
borrower in obtaining or attempting to obtain a loan of money, a
credit card, a line of credit, or related guarantee,
enhancement, or collateral of any kind or nature;
(C) Acts for or on behalf of a loan broker for the purpose of
soliciting borrowers; or
(D) Holds himself out as a loan broker.
"Loan broker" does not include any regulated lender or any third
party soliciting borrowers for a regulated lender pursuant to a
written contract with the regulated lender or any mortgage banker
or mortgage broker approved by a regulated lender or the federal
Department of Housing and Urban Development, the Veterans'
Administration, the Federal National Mortgage Corporation, or the
Federal Home Loan Mortgage Corporation.
(4) "Mortgage" means any indebtedness secured by a mortgage, deed
of trust, security deed, or other lien on real property.
(5) "Mortgage banker" means any person who in the regular course
(A) Holds himself out as being able to make mortgage loans;
(B) Holds himself out as being able to service mortgage loans;
(C) Holds himself out as being able to buy or sell mortgage
(6) "Mortgage broker" means any person who in the regular course
of business for compensation or gain or in the expectation of
compensation or gain holds himself out as being able to assist a
person in obtaining a mortgage loan.
(7) "Principal" means any officer, director, partner, joint
venturer, branch manager, or other person with similar managerial
or supervisory responsibilities for a loan broker.
(8) "Regulated lender" means any person, firm, corporation, or
subsidiary thereof that is licensed by and subject to regulation
or supervision of any agency of the United States or this state
and is acting within the scope of the license.