§ 2101 — Definitions

In this chapter, unless the context otherwise requires:

(1) “Borrower” means a person obtaining or desiring to obtain a mortgage loan.

(2) “Commissioner” means the State Bank Commissioner.

(3) “Licensee,” “licensed mortgage loan broker,” or “person licensed” means any person duly licensed or regulated by the Commissioner pursuant to this chapter.

(4) “Mortgage loan” means an extension of credit secured by a first or secondary mortgage on any 1-to-4 family residential owner-occupied property intended for personal, family or household purposes, which is:

a. Negotiated, offered or otherwise transacted within this State, in whole or in part;

b. Made or extended within this State; or

c. Secured by real property located in this State.

(5) “Mortgage loan broker” means a person who (i) in the ordinary course of business, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, negotiates or offers to negotiate, or arranges or solicits, or offers to arrange or solicit, a mortgage loan on behalf of a borrower, or (ii) holds himself out as being able to serve as an agent for any person in an attempt to obtain a mortgage loan; or (iii) holds himself or herself out as being able to serve as an agent or independent contractor to negotiate the terms or conditions of a mortgage loan on behalf of a lender (but who is not a person employed as an employee or agent of the lender).

(6) “Person” means an individual, corporation, partnership or any other group of individuals however organized.

Legislative History

68 Del. Laws, c. 326, § 1 ; 70 Del. Laws, c. 186, § 1