Maine Revised Statutes Title 9-A Sec. 13-102 – Definitions
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As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2009, c. 362, Pt. B, §1 (NEW).]
1. Clerical or support duties. “Clerical or support duties” may include subsequent to the receipt of an application:
A. The receipt, collection, distribution and analysis of information common for the processing, underwriting or modification of a residential mortgage loan; and [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. Communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms or counseling consumers about residential mortgage loan rates or terms. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 13-102
- Contract: A legal written agreement that becomes binding when signed.
- 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 sale: means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made. See Maine Revised Statutes Title 9-A Sec. 13-102
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. 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).
- Immediate family member: includes stepparents, stepchildren, stepsiblings and adoptive relationships. See Maine Revised Statutes Title 9-A Sec. 13-102
- Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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 licensed or exempt from licensing under the provisions of this Title. See Maine Revised Statutes Title 9-A Sec. 13-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
- Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
- Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Maine Revised Statutes Title 9-A Sec. 13-102
- 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.
- Person: means a natural person, corporation, company, limited liability company, partnership or association. See Maine Revised Statutes Title 9-A Sec. 13-102
- Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- Real estate brokerage activity: means any activity that involves offering or providing real estate brokerage services to the public, including:
A. See Maine Revised Statutes Title 9-A Sec. 13-102Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Registered mortgage loan originator: means an individual who:
A. See Maine Revised Statutes Title 9-A Sec. 13-102Residential 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 or residential real estate upon which is constructed or intended to be constructed a dwelling. See Maine Revised Statutes Title 9-A Sec. 13-102 Residential real estate: means any real property located in the State, upon which is constructed or intended to be constructed a dwelling. See Maine Revised Statutes Title 9-A Sec. 13-102 Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC Unique identifier: means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. See Maine Revised Statutes Title 9-A Sec. 13-102 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
1-A. Credit sale. “Credit sale” means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made.
[PL 2011, c. 289, §1 (NEW); PL 2011, c. 289, §5 (AFF).]
2. Depository institution. “Depository institution” has the same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
3. Dwelling. “Dwelling” has the same meaning as in the federal Truth in Lending Act, Section 103(v).
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4. Immediate family member. “Immediate family member” means a spouse, child, sibling, parent, grandparent or grandchild. “Immediate family member” includes stepparents, stepchildren, stepsiblings and adoptive relationships.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
5. Individual. “Individual” means a natural person.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
6. Loan processor or underwriter. “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 licensed or exempt from licensing under the provisions of this Title. An individual engaging solely in loan processor or underwriter activities may not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
7. Mortgage loan originator. “Mortgage loan originator” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. “Mortgage loan originator” does not include:
A. An individual engaged solely as a loan processor or underwriter except as otherwise provided in section 13?103, subsection 3, paragraph A; [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. A person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with the laws of this State, unless the person or entity is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator; or [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. A person or entity solely involved in extensions of credit relating to time-share plans, as that term is defined in Title 11 United States Code § 101(53D). [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
8. Nationwide mortgage licensing system and registry. “Nationwide mortgage licensing system and registry” means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
9. Nontraditional mortgage product. “Nontraditional mortgage product” means any mortgage product other than a 30-year fixed rate mortgage.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
10. Person. “Person” means a natural person, corporation, company, limited liability company, partnership or association.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
11. Real estate brokerage activity. “Real estate brokerage activity” means any activity that involves offering or providing real estate brokerage services to the public, including:
A. Acting as a real estate agent or real estate broker for a buyer, seller, lessor or lessee of real property; [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. Bringing together parties interested in the sale, purchase, lease, rental or exchange of real property; [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental or exchange of real property, other than in connection with providing financing with respect to any such transaction; [PL 2009, c. 362, Pt. B, §1 (NEW).]
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; and [PL 2009, c. 362, Pt. B, §1 (NEW).]
E. Offering to engage in any activity or act in any capacity, described in this subsection. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
12. Registered mortgage loan originator. “Registered mortgage loan originator” means an individual who:
A. Meets the definition of mortgage loan originator and is an employee of:
(1) A depository institution;
(2) A subsidiary that is:
(a) Owned and controlled by a depository institution; and
(b) Regulated by a federal banking agency; or
(3) An institution regulated by the federal Farm Credit Administration; and [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. Is registered with, and maintains a unique identifier through the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
13. Residential mortgage loan. “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 or residential real estate upon which is constructed or intended to be constructed a dwelling. “Residential mortgage loan” does not include a credit sale unless the credit sale is determined to be a residential mortgage loan by any rule, advisory ruling or interpretation issued by the administrator or by the United States Department of Housing and Urban Development or successor federal agency responsible for ensuring state compliance with the provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 United States Code §§ 5101 to 5113.
[PL 2011, c. 289, §2 (AMD); PL 2011, c. 289, §5 (AFF).]
14. Residential real estate. “Residential real estate” means any real property located in the State, upon which is constructed or intended to be constructed a dwelling.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
15. Unique identifier. “Unique identifier” means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2011, c. 289, §§1, 2 (AMD). PL 2011, c. 289, §5 (AFF).