2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-102. Definitions

§13-102. Definitions
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).]
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, Section 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, Sections 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).