2006 Nebraska Revised Statutes - § 45-702 — Terms, defined.

Section 45-702
Terms, defined.

For purposes of the Mortgage Bankers Registration and Licensing Act:

(1) Borrower means the mortgagor or mortgagors under a real estate mortgage or the trustor or trustors under a deed of trust;

(2) Department means the Department of Banking and Finance;

(3) Director means the Director of Banking and Finance;

(4) Financial institution means any person organized or chartered under the laws of this state, any other state, or the United States relating to banks, savings institutions, trust companies, savings and loan associations, or credit unions. Financial institution also means an industrial loan and investment company chartered under the laws of any other state and subject to similar supervision and regulation as a bank chartered under the laws of this state;

(5) Licensee means any person licensed under the act;

(6) Mortgage banker means any person not exempt under section 45-703 who, for compensation or gain or in the expectation of compensation or gain, directly or indirectly makes, originates, services, negotiates, acquires, sells, arranges for, or offers to make, originate, service, negotiate, acquire, sell, or arrange for ten or more mortgage loans in a calendar year;

(7) Mortgage banking business means any person who employs a mortgage banker or mortgage bankers or who directly or indirectly makes, negotiates, acquires, sells, arranges for, or offers to make, originate, service, negotiate, acquire, sell, or arrange for ten or more mortgage loans in a calendar year for compensation or gain or in the expectation of compensation or gain;

(8) Mortgage loan means any loan or extension of credit secured by a lien on real property, including a refinancing of a contract of sale or an assumption or refinancing of a prior loan or extension of credit;

(9) Offer means every attempt to provide, offer to provide, or solicitation to provide a mortgage loan or any form of mortgage banking business. Offer includes, but is not limited to, all general and public advertising, whether made in print, through electronic media, or by the Internet;

(10) Person means an association, joint venture, joint-stock company, partnership, limited partnership, limited liability company, business corporation, nonprofit corporation, individual, or any group of individuals however organized;

(11) Real property means an owner-occupied single-family, two-family, three-family, or four-family dwelling which is located in this state, which is occupied, used, or intended to be occupied or used for residential purposes, and which is, or is intended to be, permanently affixed to the land;

(12) Registered bank holding company means any bank holding company registered with the department pursuant to the Nebraska Bank Holding Company Act of 1995;

(13) Registrant means a person registered pursuant to section 45-704; and

(14) Service means accepting payments or maintenance of escrow accounts in the regular course of business in connection with a mortgage loan.

Cross References:

Nebraska Bank Holding Company Act of 1995, see section 8-908.

Source:

Laws 1989, LB 272, § 5

Laws 1993, LB 217, § 1

Laws 1993, LB 121, § 274

Laws 1995, LB 163, § 2

Laws 1995, LB 384, § 17

Laws 1999, LB 396, § 30

Laws 2003, LB 131, § 29

Laws 2003, LB 218, § 1

Laws 2006, LB 876, § 28.

~ Revised Statutes Cumulative Supplement, 2006