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Financial Institution Mortgage Financing Regulation Act | |
Mortgage Lending and Servicing Act | |
Section 102 | Definitions. |
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70D-2-102. Definitions. As used in this chapter: (1) (a) Except as provided in Subsection (1)(b), "broker" means a person who in the regular course of business assists a person in obtaining a mortgage loan for a fee or other consideration paid directly or indirectly. (b) "Broker" does not include a person solely because of the person's: (i) real estate brokerage activities; or (ii) activities as an attorney licensed to practice law in this state who, in the course of the attorney's practice as an attorney, assists a person in obtaining a mortgage loan. (2) "Business as a lender, broker, or servicer" means a person who engages in an act for compensation or in the expectation of compensation that makes the person a lender, broker, or servicer. (3) (a) Except as provided in Subsection (3)(b), "lender" means a person who in the regular course of business originates a loan secured by a mortgage. (b) "Lender" does not include a person who: (i) as a seller only receives one or more mortgages as security for a purchase money obligation; or (ii) only receives a mortgage as security for an obligation: (A) payable on an installment or deferred payment basis; and (B) arising out of materials furnished or services rendered in the improvement of real property. (4) "Manufactured home" means a transportable factory built housing unit that: (a) is constructed: (i) on or after June 15, 1976, according to the National Manufactured Housing Construction and Safety Standards Act of 1974; and (ii) in one or more sections, which: (A) in the traveling mode, is eight body feet or more in width or 40 body feet or more in length; or (B) when erected on site, is 400 or more square feet; (b) is built on a permanent chassis; (c) is designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities; and (d) includes the plumbing, heating, air-conditioning, and electrical systems. (5) "Mobile home" means a transportable factory built housing unit built before June 15, 1976, in accordance with a state mobile home code that existed before the National Manufactured Housing Construction and Safety Standards Act of 1974. (6) "Permanently affixed" means anchored to, and supported by, a permanent foundation or installed in accordance with the manufactured housing installation standard code referred to in Section 15A-1-202. (7) "Servicer" means a person who in the regular course of business assumes responsibility for servicing and accepting payments for a mortgage loan.
Amended by Chapter 14, 2011 General Session |
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