Missouri Laws 367.300 – Definitions
As used in sections 367.300 to 367.310, unless the context otherwise requires, the following terms shall mean:
(1) “Advance fee”, any consideration which is assessed or collected prior to the closing by a loan broker;
Terms Used In Missouri Laws 367.300
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- United States: includes such district and territories. See Missouri Laws 1.020
(2) “Borrower”, a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit;
(3) “Loan”, an agreement to advance money or property in return for the promise to make payments therefor;
(4) “Loan broker”, any person; except any bank, savings and loan association, trust company, building and loan association, credit union, retail installment sales company, securities broker-dealer, real estate broker or salesperson, attorney, federal housing administration or veterans’ administration approved lender, credit card company, installment loan licensee, mortgage banker or lender, or insurance company, provided that the person excepted is licensed by or subject to regulation or supervision of any agency of the United States or this state and, if licensed, is acting within the scope of the license; and also excepting subsidiaries of licensed or chartered banks or savings and loan associations; who:
(a) For or in expectation of consideration arranges or attempts to arrange or offers to fund a loan of money, a credit card, or a line of credit;
(b) For or in expectation of consideration assists or advises a borrower in obtaining or attempting to obtain a loan of money, a credit card, a line of credit, or related guarantee, enhancement, or collateral of any kind or nature;
(c) Acts for or on behalf of a loan broker for the purpose of soliciting borrowers; or
(d) Holds himself out as a loan broker;
(5) “Principal”, any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker.