Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS)
Section 030-700-III - Definitions
Current through 2024-38, September 18, 2024
For the purpose of this Chapter, the following terms have the following meanings:
1. "Supervised financial organization" has the same meaning as set forth in 9-A M.R.S. §1-301(38-A).
2. "Supervised lender" has the same meaning as set forth in 9-A M.R.S. §1-301(39), but for purposes of this Chapter, "supervised lender" does not include "supervised financial organizations."
3. "Loan broker" has the same meaning as set forth in 9-A M.R.S. §10-102(1).
4. "Nonprofit organization" means an organization exempt from taxation under the United States Internal Revenue Code, Section 501(c)(3) and engaged in the financing of housing for low-income people under a program designed specifically for that purpose.
5. "Exempt Company" means a company that is not required to obtain a supervised lender or loan broker license from the State of Maine, but that employs one or more individuals required to be licensed as mortgage loan originators.
6. "Nationwide Mortgage Licensing System," herein referred to as "NMLS," means the nationwide mortgage licensing system and registry for mortgage lender licensing and loan brokering referred to in 9-A M.R.S. §§2 - 302 and 10 - 201.
7. "Administrator" means the Superintendent of the Bureau of Consumer Credit Protection.
