Delaware Code > Title 5 > Chapter 21 – Mortgage Loan Brokers
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Terms Used In Delaware Code > Title 5 > Chapter 21 - Mortgage Loan Brokers
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Borrower: means a person obtaining or desiring to obtain a mortgage loan. See Delaware Code Title 5 Sec. 2101
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2101
- Corrective action: means the sequence of actions, or process, that includes confirming a release, site assessment, interim remedial action, remedial action, monitoring, and termination of remedial action. See Delaware Code Title 7 Sec. 7402
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 7 Sec. 7402
- Facility: means any location or part thereof that contains or had previously contained 1 or more underground storage tanks. See Delaware Code Title 7 Sec. 7402
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fund: means the Delaware Underground Petroleum Storage Tank Response Fund. See Delaware Code Title 7 Sec. 7402
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage loan: means an extension of credit secured by a first or secondary mortgage on any 1-to-4 family residential owner-occupied property intended for personal, family or household purposes, which is:
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan broker: means a person who (i) in the ordinary course of business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower, or (ii) holds himself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or (iii) holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender). See Delaware Code Title 5 Sec. 2101
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Operator: means any person in control of, or having responsibility for, the daily operation of the underground storage tank system. See Delaware Code Title 7 Sec. 7402
- Out of service: means a storage system which:
- Owner: means :
- Person: means an individual, corporation, partnership or any other group of individuals however organized. See Delaware Code Title 5 Sec. 2101
- Person: means any individual, trust, firm, joint stock company, federal agency, corporation (including a government corporation), partnership, association, state, municipality, commission, political subdivision of a state or any interstate body. See Delaware Code Title 7 Sec. 7402
- person licensed: means any person duly licensed or regulated by the Commissioner pursuant to this chapter. See Delaware Code Title 5 Sec. 2101
- Regulated substance: means :
- Release: means any spilling, leaking, emitting, discharging, escaping, leaching or disposing into groundwater, surface water or soils. See Delaware Code Title 7 Sec. 7402
- Removal: means the process of removing and disposing of an underground storage tank system, through the use of prescribed techniques for the purging of residues and vapors and removal of the vessel from the ground. See Delaware Code Title 7 Sec. 7402
- Retrofit: means modification or correction of an underground storage tank system to meet standards contained in regulations promulgated under this chapter through such means as replacement of valves, fill pipes, vents and liquid level monitoring systems, and the installation of overfill protection, transfer spill protection, leak detection and cathodic protection devices; but the term does not include the process of relining an underground tank through application of such materials as epoxy resins, nor does the term include the process of conducting a tightness test to establish the integrity of the tank. See Delaware Code Title 7 Sec. 7402
- Secretary: means the Secretary of the Department of Natural Resources and Environmental Control or a duly authorized designee. See Delaware Code Title 7 Sec. 7402
- Security interest: means an interest in a petroleum UST or UST system or in a facility or property on which a petroleum UST or UST system is located, created or established for the purpose of securing a loan or other obligation. See Delaware Code Title 7 Sec. 7402
- State: means the State of Delaware. See Delaware Code Title 7 Sec. 7402
- Underground storage tank: means a containment vessel, including underground pipes connected thereto, which is used to contain an accumulation of regulated substances, and the volume of which, including the volume of the underground pipes connected thereto, is 10 per centum or more beneath the surface of the ground. See Delaware Code Title 7 Sec. 7402
- Underground storage tank system: means an underground storage tank and its associated ancillary equipment and containment system, if any. See Delaware Code Title 7 Sec. 7402