As Amended
SEC. 81-18-3. Definitions. [Repealed effective July 1, 2007].
For purposes of this chapter, the following terms shall have the following meanings:
(a) "Borrower" means a person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on a single- to four-family home to be occupied by a natural person.
(b) "Branch" means a location of a company in or outside of the state that conducts business as a mortgage company on Mississippi land. A location shall be considered a branch in any of the following:
(i) If the location is used on any type of advertisement;
(ii) If any type of record, loan file or application of the company is located at the location, with the exception of unstaffed storage facilities; or
(iii) If a Mississippi consumer is received at the location or is directed to deliver any information by any means to the location.
(c) "Commissioner" means the Commissioner of the Mississippi Department of Banking and Consumer Finance.
(d) "Commitment" means a statement by a lender required to be licensed or registered under this chapter that sets forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower.
(e) "Control" means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise, and shall include "controlling," "controlled by," and "under common control with."
(f) "Department" means the Department of Banking and Consumer Finance of the State of Mississippi.
(g) "Executive officer" means the chief executive officer, the president, the principal financial officer, the principal operating officer, each vice president with responsibility involving policy-making functions for a significant aspect of a person's business, the secretary, the treasurer, or any other person performing similar managerial or supervisory functions with respect to any organization whether incorporated or unincorporated.
(h) "License" means a license to act as a mortgage company issued by the department under this chapter.
(i) "Licensee" means a person or entity who is required to be licensed as a mortgage company under this chapter.
(j) "Loan originator" means an individual who is an employee of a single mortgage company whose conduct of the mortgage business is the responsibility of the company, and whose job responsibilities include direct contact with borrowers during the loan origination process, which may include soliciting, negotiating, acquiring, arranging or making mortgage loans for others, obtaining personal or financial information, assisting with the preparation of loan applications or other documents, quoting loan rates or terms, or providing required disclosures. This individual must work for a licensed or registered company and work from the registered location with the department. The term does not include individuals whose job responsibilities on behalf of a company are solely clerical in nature, which is defined as normal office procedures, not including any duties listed in the definition of "loan originator," or sales representatives of a licensed Mississippi manufactured housing operation who transmits information concerning a sale via mail, courier service, or electronically to a licensed mortgage company or registered originator.
(k) "Make a mortgage loan" means to advance funds, offer to advance funds or make a commitment to advance funds to a borrower.
(l) "Misrepresent" means to make a false statement of a substantive fact or to engage in, with intent to deceive or mislead, any conduct that leads to a false belief that is material to the transaction.
(m) "Mortgage company" means any person or entity who directly, indirectly or by electronic activity, solicits, places or negotiates mortgage loans for others, or offers to solicit, place or negotiate mortgage loans for others. Unless indicated otherwise, the use of the word "company" in this chapter means "mortgage company" as defined in this paragraph (m).
(n) "Mortgage loan" means a loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust or other document representing a security interest or loan upon any interest in a lot intended for residential purposes, or single- to four-family residential property located in Mississippi, regardless of where made, including the renewal or refinancing of any loan.
(o) "Person" means any individual, sole proprietorship, corporation, limited liability company, partnership, trust or any other group of individuals, however organized.
(p) "Principal" means a natural person who, directly or indirectly, owns or controls an ownership interest of twenty-five percent (25%) or more in a corporation or any other form of business organization, regardless of whether the natural person owns or controls the ownership interest through one or more natural persons or one or more proxies, powers of attorney, nominees, corporations, associations, limited liability companies, partnerships, trusts, joint-stock companies, other entities or devises, or any combination thereof.
(q) "Records" or "documents" means any item in hard copy or produced in a format of storage commonly described as electronic, imaged, magnetic, microphotographic or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
(r) "Registrant" means any person required to register under Section 81-18-5(m).
(s) "Residential immovable property" means property such as, but not limited to, vinyl siding, roofs, pools, spas, appliances, windows, home additions, landscaping, fencing, etc.
(t) "Residential property" means improved real property or lot used or occupied, or intended to be used or occupied, as a residence by a natural person.
(u) "Service a mortgage loan" means the collection or remittance for another, or the right to collect or remit for another, of payments of principal interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.
(v) "Wholesale lender" means any person or entity who makes a mortgage loan, or purchases or services mortgage loans, utilizing the services of a person exempted, licensed or registered under this chapter.
SOURCES: Laws, 2000, Ch.579, §2, SB3100; Laws, 2002, ch. 500, § 2, HB 1522; Laws, 2004, ch. 364, § 2, HB 788, eff from and after passage (approved Apr. 20, 2004).
PREVIOUS VERSIONS: Pre-2004.