AI-assisted research summary: This section defines key terms used in the act, including advance fee, borrower, commission, loan broker, principal, and office.
687.14 Definitions.—As used in this act, unless the context otherwise requires:(1) “Advance fee” means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker. (2) “Borrower” means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit. (3) “Commission” means the Financial Services Commission. (4) “Loan broker” means any person, except any bank or savings and loan association, trust company, building and loan association, credit union, consumer finance company, retail installment sales company, securities broker-dealer, real estate broker or sales associate, attorney, federal Housing Administration or United States Department of Veterans Affairs approved lender, credit card company, installment loan licensee, mortgage broker or lender, or insurance company, provided that the person excepted is licensed by and subject to regulation or supervision of any agency of the United States or this state and is acting within the scope of the license; and also excepting subsidiaries of licensed or chartered consumer finance companies, 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 herself or himself out as a loan broker. (5) “Principal” means any officer, director, partner, joint venturer, branch manager, or other person with similar managerial or supervisory responsibilities for a loan broker. (6) “Office” means the Office of Financial Regulation of the commission.