(a) “Loan Broker” means any person who, in return for a fee, commission, or other compensation from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person.
     (b) Loan broker does not include any of the following:

Terms Used In Illinois Compiled Statutes 815 ILCS 175/15-5.15

  • 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.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

        (1) Any bank, savings bank, trust company, savings
    
and loan association, credit union or any other financial institution regulated by any agency of the United States or authorized to do business in this State.
        (2) Any person authorized to sell and service loans
    
for the federal National Mortgage Association or the federal Home Loan Mortgage Corporation, issue securities backed by the Government National Mortgage Association, make loans insured by the federal Department of Housing and Urban Development, make loans guaranteed by the federal Veterans Administration, or act as a correspondent of loans insured by the federal Department of Housing and Urban Development or guaranteed by the federal Veterans Administration.
        (3) Any insurance producer or company authorized to
    
do business in this State.
        (4) Any person arranging financing for the sale of
    
the person’s product.
        (5) Any person authorized to conduct business under
    
the Residential Mortgage License Act of 1987.
        (6) Any person authorized to do business in this
    
State and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate.
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