New Jersey Administrative Code › Title 3 - BANKING › Chapter 1 - GENERAL PROVISIONS › Subchapter 9 - HOME MORTGAGE DISCLOSURE › Section 3:1-9.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter,
				  shall have the following meanings unless the context clearly indicates
				  otherwise.
"Act" means
				  17:16F-1 et seq.
"Annual percentage rate" means the annual percentage rate of
				  finance charge as calculated in accordance with Federal Reserve Board
				  Regulation Z and its supplements.
"Applicant" means any person who files with a depository
				  institution a written, or oral-in-person, request containing such information
				  as is reasonably required by the depository institution for a mortgage loan as
				  defined in this Act.
"Application" means a signed, completed application form
				  submitted to a depository institution containing such information as required
				  by that depository institution for reviewing a residential mortgage loan
				  request or a home improvement loan request.
"Branch office" means any office approved as a branch of the
				  depository institution by that depository institution's Federal or State
				  supervisory agency. Branch office shall not include an office of a depository
				  institution which is fully automated and solely operated by the
				  customer.
"Census tract" means a geographic area as defined and
				  approved by the United States Bureau of Census for statistical purposes. The
				  census tract definitions to be used are those which have been approved for use
				  in the 1980 Census of Population and Housing.
"Depository institution" means any banking institution as
				  defined in
				  17:9A-1, any association as
				  defined in
				  17:12B-5, or any State or Federal
				  credit union, which makes mortgage loans. Any non-depository, majority-owned
				  subsidiary of a depository institution shall be deemed to be part of its parent
				  depository institution for the purposes of this subchapter. No depository
				  institution may aggregate its reports with any other depository institution,
				  subsidiary, affiliate, or otherwise.
"Federally guaranteed mortgage loans" means FHA, FmHA, or VA
				  loans which are insured under Title II of the National Housing Act or under
				  Title V of the Housing Act of 1949 or which are guaranteed under Chapter 37 of
				  Title 38, United States Code.
"Home improvement loan" means a loan unsecured or secured by
				  collateral other than a first lien on a residential real property:
1. The proceeds of which, all or in part, are
				  to be used for the purposes of repairing, rehabilitating, or remodeling an
				  existing residential dwelling located in a State as stated by the borrower to
				  the lender at the time of the loan transaction; or
2. That is recorded on the books of the
				  depository institution as a home improvement loan; or
3. Which is a secondary mortgage loan or a
				  consumer loan, repayable in equal periodic installments, the proceeds of which,
				  all or in part, are to be used for the purpose of repairing, rehabilitation, or
				  remodeling an existing residential dwelling.
"Metropolitan Statistical Area" (MSA) and "Primary
				  Metropolitan Statistical Area" (PMSA) mean geographical areas as defined by the
				  Office of Management and Budget of the United States government for statistical
				  purposes. The MSA/PMSA definitions to be used are for the following
				  MSA's/PMSA's:
1. Allentown-Bethlehem,
				  PA-NJ;
2. Bergen-Passaic,
				  NJ;
3. Atlantic City, NJ;
4. Jersey City, NJ;
5. Middlesex-Somerset-Hunterdon,
				  NJ;
6. Monmouth-Ocean,
				  NJ;
7. Newark, NJ;
8. Philadelphia, PA-NJ;
9. Trenton, NJ;
10. Vineland-Millville-Bridgeton,
				  NJ;
11. Wilmington, DL-NJ-MD;
"Mortgage loan" means a "residential mortgage loan" as
				  defined in this section or a "home improvement loan" as defined in this
				  section.
"Oral-in-person request" means an inquiry for information
				  about the terms of a mortgage loan, in reference to a specific property, by a
				  natural person on his/her own behalf which is received on the institution's
				  premises by any person at the depository institution who customarily receives
				  or is authorized to receive such requests.
"Residential mortgage loan" means a loan which is secured by
				  a first lien on residential real property located in a State, including a first
				  lien refinancing of an existing loan, but shall not include:
1. Temporary financing (such as a
				  construction loan); or
2. Purchase
				  of an interest in a pool of mortgage loans (such as mortgage participation
				  certificates issued or guaranteed by the Federal Home Loan Mortgage
				  Corporation, the Government National Mortgage Association, or the Farmers Home
				  Administration); or
3. A loan made
				  primarily for business or consumer purposes (other than to purchase, repair,
				  rehabilitate, or remodel residential real property) but in connection with
				  which a first lien on residential real property is taken as collateral.
"Residential real property" means real property that has been
				  improved by a residential dwelling, including single family and multi-family
				  dwellings, and individual units of condominiums and cooperatives.
"State" means any State of the United States of America, the
				  District of Columbia, and the Commonwealth of Puerto Rico.