As used in this Chapter:

(1)  Repealed by Acts 2010, No. 743, §22B, eff. July 1, 2010.

(2)  “Commissioner” means the commissioner of the office of financial institutions.

(3)  “Consumer” means a natural person who enters into or seeks to enter into a residential loan transaction for a personal, family, or household purpose.

(3.1)  “Conventional reverse mortgage loan” means a reverse mortgage loan other than a program reverse mortgage loan.

(4)  “Depository institution” means the same as defined in Section 3 of the Federal Deposit Insurance Act, and includes any credit union.

(5)  “Federal banking agencies” means the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.

(6)  “Federally related mortgage loan” means an extension of credit to a consumer secured by a first mortgage on residential immovable property located in this state, including:  a mobile home which will be immobilized pursuant to La. Rev. Stat. 9:1149.4 and designed principally for the occupancy of from one to four families; and which  is one of the following:

(a)  An extension of credit made in whole or in part by any lender the deposits or accounts of which are insured by any agency of the federal government, or is made in whole or in part by any lender which is regulated by any agency of the federal government.

(b)  An extension of credit made in whole or in part, or insured, guaranteed, supplemented, or assisted in any way, by the federal Department of Housing and Urban Development, or any other agency of the federal government or under or in connection with a housing or urban development program administered by the Department of Housing and Urban Development or a housing or related program administered by any other such agency.

(c)  An extension of credit intended to be sold by the originating lender to the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, or a financial institution from which it is to be purchased by the Federal Home Loan Mortgage Corporation.

(d)  An extension of credit made in whole or in part by any creditor, as defined in Section 103(f) of the federal Consumer Credit Protection Act (15 U.S.C. § 1602(f)), who makes or invests in consumer real estate loans aggregating more than one million dollars per year.

(7)  “Immediate family member” means a spouse, child, sibling, parent, grandparent, grandchild, including stepparent, stepchild, stepsibling, and adoptive relationships.

(7.1)  Repealed by Acts 2001, No. 617, §3, eff. June 22, 2001.

(8)  “Mortgage broker” or “residential mortgage broker” means any person who, directly or indirectly, for compensation or the expectation of compensation, negotiates, places, or finds, or offers to negotiate, place, or find a residential mortgage loan for another person.  “Mortgage broker” also shall include:

(a)  An approved Federal Housing Administration loan correspondent.

(b)  A residential mortgage lender who closes a residential mortgage loan in his own name but for whom the funding for the loan is provided by a third party lender in a process known as table funding.

(9)  “Mortgage lender” or “residential mortgage lender” means any person who, directly or indirectly, originates or makes, or offers to originate or make, a residential mortgage loan for another person.

(10)  “Mortgage loan originator” means an individual who for compensation or gain or with the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

(11)  “Mortgage servicer loss mitigation specialist” means a person who on behalf of the holder or mortgagee of a residential mortgage loan assists a borrower to modify or refinance either temporarily or permanently the borrower’s obligations in order to avoid default or foreclosure of the residential mortgage loan.

(11.1)  “Mortgage servicing” means collecting or remitting payment for another, or the right to collect or remit payments for another, of any of the following: principal, interest, tax, insurance, or other payment under a mortgage loan.

(12)  “Nationwide Mortgage Licensing System and Registry”, “licensing system”, or “NMLS&R” means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators or successors thereof, for the state licensing and registration of state-licensed mortgage loan originators and the registration of registered loan originators as provided in P.L. 110-289, Title V, as amended, which licensing system includes but not limited to an online database which receives, collects, and stores application, license, enforcement action, and related information on a multi-state basis.

(13)  “Person” means any individual, firm, corporation, partnership, association, trust, or legal or commercial entity, or other group of individuals however organized.

(14)  “Principal stockholder” means any person owning ten percent or more of the outstanding stock of a corporate mortgage broker or mortgage lender.

(14.1)  “Program reverse mortgage loan” means a reverse mortgage loan offered under or intended to be insured by the Federal Housing Administration pursuant to Section 255 of the National Housing Act, 12 U.S.C. §§ 1715z-20, as amended, and regulations and guidance issued thereunder by the secretary of the United States Department of Housing and Urban Development or the commissioner of the Federal Housing Administration.

(15)  “Real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including any of the following:

(a)  Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of immovable property.

(b)  Bringing together parties interested in the sale, purchase, lease, rental, or exchange of immovable property.

(c)  Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of immovable property, other than in connection with providing financing with respect to any such transaction.

(d)  Engaging in any activity for which a person engaged in the activity is  required to be registered or licensed as a real estate agent or real estate broker under any applicable law.

(16)  “Registered mortgage loan originator” means any individual who meets the definition of mortgage loan originator and is an employee of a depository institution or a subsidiary that is either owned and controlled by a depository institution and regulated by a federal banking agency or an institution regulated by the Farm Credit Administration and is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry.

(17)  “Residential immovable property” means any immovable property located in this state upon which is constructed or intended to be constructed a dwelling.

(18)  “Residential loan transaction” means any agreement by a consumer with a mortgage broker, mortgage loan originator, mortgage loan servicer, or mortgage lender in connection with a residential mortgage loan.

(19)  “Residential mortgage lender” means a person who engages in a residential mortgage lending activity as a mortgage broker or mortgage lender, or both.

(20)  “Residential mortgage lending activity” means an activity, including electronic activity, engaged in for compensation or with the expectation of compensation in connection with a residential loan transaction, including the origination or funding of a residential mortgage loan and the negotiation and placement, or offering to negotiate, place, or fund a residential mortgage loan for another person, or servicing a mortgage loan.

(21)  “Residential mortgage loan” means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling as defined in 15 U.S.C. § 1602(v) or residential immovable property upon which is constructed or intended to be constructed a dwelling as defined in 15 U.S.C. § 1602(v).

(21.1)  “Reverse mortgage loan” means a nonrecourse loan secured by immovable property that meets all of the following criteria:

(a)  The loan provides purchase money proceeds for the acquisition by a borrower of a domicile to be inhabited by the borrower as his principal domicile or cash advances to a borrower based on the equity or the value in a borrower’s inhabited principal domicile.

(b)  The loan requires no payment of principal or interest until the entire loan becomes due and payable.

(22)  “State” means any state of the United States, the District of Columbia, or any territory of the United States including Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.

(23)  “Unique identifier” means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.

(24)  The term “regularly engaged” means either of the following:

(a)  Engaged in residential mortgage lending activity, during the previous or current calendar year, as a mortgage loan originator in connection with more than ten residential mortgage loans or in connection with any residential mortgage loan having a principal amount exceeding twenty-five thousand dollars, or employed by an employer who meets the thresholds set forth in Subparagraph (b) of this Paragraph.

(b)  Engaged in residential mortgage lending activity, during the previous or current calendar year, as a mortgage loan broker, lender, or both, separately or combined, in connection with residential mortgage loans for which the combined original principal balance exceeds two hundred fifty thousand dollars or in connection with any residential mortgage loan having a principal amount exceeding twenty-five thousand dollars.

Acts 1999, No. 1098, §1, eff. July 9, 1999; Acts 2000, 1st Ex. Sess., No. 34, §1, eff. April 14, 2000; Acts 2001, No. 617, §§1 and 3, eff. June 22, 2001; Acts 2003, No. 875, §1; Acts 2007, No. 36, §1, eff. June 18, 2007; Acts 2009, No. 522, §1, eff. July 31, 2009; Acts 2010, No. 418, §1; Acts 2010, No. 743, §22B, eff. July 1, 2010; Acts 2011, No. 110, §1, eff. June 20, 2011; Acts 2012, No. 199, §1, eff. May 22, 2012; Acts 2014, No. 260, §1, eff. June 30, 2014.