As used in this article, unless the context otherwise requires:
"Bridge loan" means temporary or short-term financing with a maturity of less thaneighteen months that requires payments of only interest until the entire unpaid balance is due and payable.
"Covered loan" means a consumer credit transaction secured by property located within this state that is considered a mortgage under section 152 of the federal "Home Ownership and Equity Protection Act of 1994", 15 U.S.C. sec. 1602 (aa), as amended, and regulations adopted pursuant thereto by the federal reserve board, including, without limitation, 12 CFR 226.32, as amended; except that, if the total points and fees paid by the obligor at or before closing exceed six percent of the total loan amount, such loan shall be deemed to be a covered loan if the transaction otherwise meets the requirements of this subsection (2).
"Lender" means any individual or entity that originates one or more covered loans.The individual or entity to whom a covered loan is initially payable, either on the face of the note or contract or by agreement when there is no note or contract, shall be deemed to be the lender.
"Mortgage broker" means a person other than an employee or exclusive agent of alender who, for compensation, brings an obligor and lender together to obtain a covered loan.
"Obligor" means each obligor, co-obligor, co-signer, or grantor obligated to repay acovered loan.
"Political subdivision" means a county, city and county, city, town, service authority,school district, local improvement district, law enforcement authority, city or county housing authority, or water, sanitation, fire protection, metropolitan, irrigation, drainage, or other special district or any other kind of municipal, quasi-municipal, or public corporation organized pursuant to law.
"Principal balance" means the amount financed plus prepaid finance charges as defined in the federal "Truth in Lending Act", 15 U.S.C. sec. 1601 et seq., as amended.
"Servicer" has the same meaning as set forth in section 2605 (i)(2) of the federal"Real Estate Settlement Procedures Act of 1974", 12 U.S.C. sec. 2601 et seq., as amended.
Source: L. 2002: Entire article added, p. 1594, § 1, effective June 7. L. 2003: (2) amended, p. 1894, § 8, effective July 1.