Terms Used In Alabama Code > Title 5 > Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009

• Acquittal:
  1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
  2. A verdict of "not guilty."
   
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• broker: A broker as defined in Section 34-27-2. See Alabama Code 35-11-450
• client: A person or entity having an interest in commercial real estate that has entered into a written brokerage or agency agreement with a real estate broker relative to the commercial real estate. See Alabama Code 35-11-450
• COMMERCIAL REAL ESTATE: Any real estate including real estate classified as agricultural for tax assessment purposes other than real estate containing one to four residential units. See Alabama Code 35-11-450
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• conveyance: A sale, lease, or other transfer of commercial real estate. See Alabama Code 35-11-450
• 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}
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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).
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• officer: The term includes every person authorized to enforce the game and fish laws of this state, and whenever the possession, use, importation, transportation, storage, sale, offering, or exposing for sale of game birds, animals, or fish is prohibited or restricted, the prohibition or restriction shall extend to and include every part of the game, bird, animal, or fish, and a violation as to each animal, bird, or fish, or part thereof, shall be a separate offense. See Alabama Code 9-11-1
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• REAL ESTATE: Real property as defined in subdivision (7) of Section 1-1-1. See Alabama Code 35-11-450
• real property: includes lands, tenements and hereditaments. See Alabama Code 1-1-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• warden: The game and fish warden or agent provided for in the game and fish laws of this state. See Alabama Code 9-11-1