As used in this chapter and in rules promulgated pursuant to this chapter:
(1) “Borrower” means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf the activities set forth in section 26-31-201(3), (5) or (7) or 26-31-303(7), Idaho Code, are conducted. “Borrower” does not include an organization that, as part of a regular business of constructing or rehabilitating dwellings, makes application for a residential mortgage loan to finance the construction or rehabilitation of a dwelling.
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Terms Used In Idaho Code 26-31-102

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of finance of the state of Idaho. See Idaho Code 26-31-102
  • Director: means the director of the department of finance. See Idaho Code 26-31-102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Licensee: means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter. See Idaho Code 26-31-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • NMLSR: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of mortgage brokers, mortgage lenders, and mortgage loan originators. See Idaho Code 26-31-102
  • NMLSR policy guidebook: means the conference of state bank supervisor's and the American association of residential mortgage regulator's NMLSR policy guidebook for licensees, published by the NMLSR, as identified by administrative rule. See Idaho Code 26-31-102
  • Organization: means a person that is not a natural person. See Idaho Code 26-31-102
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means a natural person, corporation, company, limited liability company, partnership or association. See Idaho Code 26-31-102
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Residential real estate: means any real property located in Idaho upon which is constructed or intended to be constructed a dwelling as defined in section 103(w) of the truth in lending act. See Idaho Code 26-31-102
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Truth in lending act: means the act set forth in 15 U. See Idaho Code 26-31-102
(2) “Control person” means a person who:
(a) Has the power, directly or indirectly, to direct the management or policies of a company, including a managing member, general partner, director, executive officer, or other person occupying a similar position or performing similar functions or, in the case of a limited liability company, is a managing member;
(b) Directly or indirectly has the right to vote ten percent (10%) or more of a class of a voting security of a mortgage broker or mortgage lender; or
(c) Is an individual identified as a manager of a location for which an applicant is applying for a license under part 2 of this chapter.
(3) “Deficiency” means information contained in, or omitted from, an application for a mortgage broker, mortgage lender, or mortgage loan originator license that causes the application to be inaccurate, incomplete, or otherwise not in conformance with the provisions of this chapter, any rule promulgated or order issued under this chapter, application instructions published by the director or the provisions of the NMLSR policy guidebook.
(4) “Department” means the department of finance of the state of Idaho.
(5) “Director” means the director of the department of finance.
(6) “Financial services” means any activity pertaining to securities, commodities, banking, insurance, consumer lending, money services businesses, consumer debt management, or real estate including, but not limited to, acting as or being associated with a bank or savings association, credit union, farm credit system institution, mortgage lender, mortgage broker, real estate salesperson or agent, appraiser, closing agent, title company, escrow agent, payday lender, money transmitter, check casher, pawnbroker, collection agent, debt management company, title lender, or credit repair organization.
(7) “Housing finance agency” means any entity that is:
(a) Chartered by a state to help meet the affordable housing needs of the residents of the state;
(b) Supervised, directly or indirectly, by the state government; and
(c) Subject to audit and review by the state in which it operates.
(8) “Licensee” means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter.
(9) “Nationwide mortgage licensing system and registry” or “NMLSR” means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of mortgage brokers, mortgage lenders, and mortgage loan originators.
(10) “NMLSR policy guidebook” means the conference of state bank supervisor’s and the American association of residential mortgage regulator’s NMLSR policy guidebook for licensees, published by the NMLSR, as identified by administrative rule.
(11) “Organization” means a person that is not a natural person.
(12) “Person” means a natural person, corporation, company, limited liability company, partnership or association.
(13) “Real estate settlement procedures act” means the act set forth in 12 U.S.C. § 2601 et seq., as identified by administrative rule.
(14) “Regulation X” means regulation X as issued by the federal bureau of consumer protection and codified at 12 C.F.R. § part 1024 et seq., as identified by administrative rule.
(15) “Regulation Z” means regulation Z as issued by the federal bureau of consumer protection and codified at 12 C.F.R. § part 1026 et seq., as identified by administrative rule.
(16) “Residential mortgage loan” means any loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(w) of the truth in lending act, located in Idaho, or on residential real estate.
(17) “Residential real estate” means any real property located in Idaho upon which is constructed or intended to be constructed a dwelling as defined in section 103(w) of the truth in lending act.
(18) “Truth in lending act” means the act set forth in 15 U.S.C. § 1601 et seq., as identified by administrative rule.
(19) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLSR.