(1) “Advance fee”, any consideration which is assessed or collected prior to the closing by a loan
(2) “Borrower”, a person obtaining or desiring to obtain a loan of money, a credit card, or a line
(3) “Loan”, an agreement to advance money or property in return for the promise to make payments
(4) “Loan broker”, any person; except any bank, savings and loan association, trust company, building
and loan association, credit union, retail installment sales company, securities broker-dealer,
real estate broker or salesperson, attorney, federal housing administration or veterans'
administration approved lender, credit card company, installment loan licensee, mortgage
banker or lender, or insurance company, provided that the person excepted is licensed
by or subject to regulation or supervision of any agency of the United States or this
state and, if licensed, is acting within the scope of the license; and also excepting
subsidiaries of licensed or chartered banks or savings and loan associations; who:
(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;
(d) Holds himself out as a loan broker;
(5) “Principal”, any officer, director, partner, joint venturer, branch manager, or other person
with similar managerial or supervisory responsibilities for a loan broker.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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