Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 1140 - Division of Finance › Chapter 20 - Association Loans › Section 20 CSR 1140-20.010 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule defines the terms used in this
				  chapter.
(1) The words and
				terms that follow, when used in this chapter, shall have the following
				meanings:
(A) Residential real estate-real
				estate used or intended to be used as a residence by not more than four (4)
				families;
(B) Single family
				dwelling-a structure designed for residential use by one (1) family; or a unit
				in a condominium, as defined in Chapter 448, RSMo. The term also includes
				property owned in common with others which is necessary to or contributes to
				the use and enjoyment of such a structure or unit;
(C) Home-a structure designed and used as a
				residence by one (1) family or a structure designed and used for occupancy of
				one to four (1-4) family units;
(D)
				Other real estate-land on which structures or improvements which do not qualify
				the property as residential real estate may or may not be constructed, or
				improved, or unimproved land on which nonresidential structures or improvements
				may or may not be constructed;
(E)
				Commercial loans-secured and unsecured loans for commercial, corporate,
				business or agricultural purposes;
(F) Consumer loans-secured or unsecured loans
				for personal, family, home improvement or household purposes, including any
				loan reasonably incident to the consumer loan;
(G) Consumer goods-goods bought or used
				primarily for personal, family, home improvement or household
				purposes;
(H) Improved real
				estate-building lots or sites upon which improvements have been completed; or
				building lots or sites ready for the construction of a structure designed for
				residential or commercial use;
(I)
				Manufactured home-a movable-dwelling constructed in one (1) or more units (to
				occupy land) having a minimum width of ten feet (10') and a minimum area of
				four hundred (400) square feet and containing living facilities for year-round
				occupancy by one (1) family, but does not include mobile homes which do not
				conform to the applicable standards and requirements of Chapter 700, RSMo
				regarding mobile home standards;
(J) Manufactured home chattel paper- written
				evidence of both a monetary obligation and a security interest of first
				priority in one (1) or more manufactured homes and any equipment installed or
				to be installed;
(K) Manufacturer's
				invoice price-a manufacturer's itemized charges, shown on its invoice, for a
				specifically identified manufactured home, furnishings, equipment and
				accessories installed by the manufacturer and freight;
(L) Wrap-around real estate loan-a financing
				device where a junior lien secures a liability consisting of the amount of
				senior debt, plus any additional funds advanced to the borrower, where the
				original mortgagor continues to be personally liable on the senior
				debt;
(M) Loan secured by
				leasehold-a loan secured by a first lien on a leasehold interest in real
				property and improvements situated on that real property;
(N) Combination of home and business
				property-real property which is used in part for business purposes and in part
				for residential purposes by not more than four (4) families;
(O) Education loans-loans made for the
				payment of educational expenses; and
(P) Loans on securities-loans to insured
				financial institutions, or to any broker or dealer registered with the
				Securities and Exchange Commission, secured by loans, obligations or
				investments in which an association has the authority to invest
				directly.