Terms Used In Alaska Statutes > Title 3 > Chapter 13 - Federal Crop Insurance Contributions

• Amortization: Paying off a loan by regular installments.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• bona fide nonprofit organization: means an organization that the department has determined qualifies as a bona fide nonprofit organization under Alaska Stat. See Alaska Statutes 06.60.990
• borrower: means an individual who receives a mortgage loan. See Alaska Statutes 06.60.990
• consumer reporting agency: means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis. See Alaska Statutes 06.60.990
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Alaska Statutes 06.60.990
• control person: means an individual described in the uniform mortgage lender and mortgage broker application form of the registry who directly or indirectly exercises control over the applicant. See Alaska Statutes 06.60.990
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
• depository institution: has the meaning given in 12 U. See Alaska Statutes 06.60.990
• dwelling: means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives. See Alaska Statutes 06.60.990
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• federal banking agency: means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. See Alaska Statutes 06.60.990
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• individual: means a natural person. See Alaska Statutes 06.60.990
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• license: means a license issued under this chapter. See Alaska Statutes 06.60.990
• licensee: means a person who holds a license issued under this chapter. See Alaska Statutes 06.60.990
• loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person required to be licensed or exempt from licensing under this chapter. See Alaska Statutes 06.60.990
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage broker: means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator,
  (A) arranges with a variety of lending sources, including private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans. See Alaska Statutes 06.60.990
• mortgage license: means a license issued under this chapter to operate as a mortgage lender or a mortgage broker. See Alaska Statutes 06.60.990
• mortgage licensee: means a person who holds a mortgage license. See Alaska Statutes 06.60.990
• mortgage loan: means a residential mortgage loan. See Alaska Statutes 06.60.990
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
• operate: means hold out, do business, offer to provide services, or provide services. See Alaska Statutes 06.60.990
• operate in the state: includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state. See Alaska Statutes 06.60.990
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• property: includes real and personal property. See Alaska Statutes 01.10.060
• registered depository institution: means a depository institution that is registered under Alaska Stat. See Alaska Statutes 06.60.990
• registry: means the Nationwide Mortgage Licensing System and Registry. See Alaska Statutes 06.60.990
• residential mortgage loan: means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate located in the state. See Alaska Statutes 06.60.990
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• unique identifier: means a number or other identifier assigned to a licensee by protocols established by the registry. See Alaska Statutes 06.60.990
• writing: includes printing. See Alaska Statutes 01.10.060