Tennessee Code 45-13-211 – Managing principals and branch managers
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Terms Used In Tennessee Code 45-13-211
- Branch manager: means the individual whose principal office is physically located in, who is in charge of and who is responsible for the business operations of a branch office of a mortgage lender or mortgage loan broker licensed under this chapter. See Tennessee Code 45-13-105
- Branch office: means an office of a licensed mortgage lender or mortgage loan broker that is separate and distinct from the licensee's principal place of business. See Tennessee Code 45-13-105
- Commissioner: means the commissioner of financial institutions or the commissioner's designated representative. See Tennessee Code 45-13-105
- Control: means possession, direct or indirect, of the power to direct or cause the direction of management and policies of a person, whether through the ownership of voting securities by contract or otherwise. See Tennessee Code 45-13-105
- Individual: means a natural person. See Tennessee Code 45-13-105
- Managing principal: means an individual who agrees to be primarily responsible for the operations of a licensed mortgage lender or mortgage loan broker. See Tennessee Code 45-13-105
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage lender: means any person who makes a residential mortgage loan or holds the person out as able to make a residential mortgage loan. See Tennessee Code 45-13-105
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan broker: means any person who for compensation or other gain, paid directly or indirectly, or in expectation of compensation or other gain, solicits, places, negotiates or originates a residential mortgage loan for another person or offers to solicit, place, negotiate or originate a residential mortgage loan for another person or who closes a residential mortgage loan that may be in the mortgage loan broker's own name with funds provided by another person and which loan is thereafter assigned to the person providing the funding of the loan, regardless of whether the acts are done directly or indirectly, through contact by telephone, by electronic means, by mail or in person with the borrower or borrowers or potential borrower or borrowers. See Tennessee Code 45-13-105
- Person: means an individual, sole proprietorship, corporation, limited liability company, partnership, trust, association or any other legal entity, however organized. See Tennessee Code 45-13-105