Terms Used In Idaho Code > Title 6 > Chapter 12 - Responsibilities and Liabilities of Recreational Participants and Outfitters and Guides

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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. See Idaho Code 26-31-102
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• Ex officio: Literally, by virtue of one's office.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Licensee: means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter. See Idaho Code 26-31-102
• Loan modification: means an adjustment or compromise of an existing residential mortgage loan. See Idaho Code 26-31-201
• Loan modification activities: means , for compensation or gain or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in this state. See Idaho Code 26-31-201
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage broker: means any nonexempt organization that performs the activities described in subsection (5) of this section, with respect to a residential mortgage loan. See Idaho Code 26-31-201
• 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 lender: means any nonexempt organization that makes residential mortgage loans to borrowers and performs the activities described in subsection (7) of this section. 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
• 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
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• person: includes a corporation as well as a natural person;