Idaho Code 26-31-203 – Unlawful Acts
Current as of: 2023 | Check for updates
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(1) Any person, except a person exempt under section 26-31-202, Idaho Code, who engages in mortgage brokering activities or mortgage lending activities without first obtaining a license from the department in accordance with this part, shall upon conviction be guilty of a felony.
(2) No person, except a person exempt under section 26-31-202, Idaho Code, shall engage in mortgage brokering activities or mortgage lending activities without first obtaining a license from the department in accordance with this part.
Terms Used In Idaho Code 26-31-203
- Conviction: A judgement of guilt against a criminal defendant.
- Department: means the department of finance of the state of Idaho. See Idaho Code 26-31-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage brokering activities: means , for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans, or engaging in loan modification activities on behalf of a borrower. See Idaho Code 26-31-201
- Mortgage lending activities: means , for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept applications for residential mortgage loans, or assisting or offering to assist in the preparation of an application for a residential mortgage loan, or servicing a residential mortgage loan on behalf of any person. See Idaho Code 26-31-201
- Person: means a natural person, corporation, company, limited liability company, partnership or association. See Idaho Code 26-31-102