§ 40-23-102 — Definitions

Wyoming § 40-23-102

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 23: WYOMING RESIDENTIAL MORTGAGE PRACTICES ACT

Text

(a) As used in this act:
(i) "Borrower" means a person who has applied to a
mortgage lender for a residential mortgage loan or on whose
behalf the mortgage lending and mortgage brokering activities
are conducted;
(ii) "Commissioner" means the state banking
commissioner;
(iii) "Control" means owning twenty-five percent
(25%) or more of the voting share of the licensee or having the
power to direct the licensee's management or policies;
(iv) "Division" means the division of banking within
the department of audit;
(v) "Licensee" means a company licensed under this
act as a mortgage broker or a mortgage lender;
(vi) "Mortgage broker" means any company, who for
compensation, or in the expectation of compensation, assists a
person in obtaining or applying to obtain a residential mortgage
loan or holds itself out as being able to assist a person in
obtaining or applying to obtain a residential mortgage loan;
(vii) "Mortgage brokerage agreement" means a written
agreement in which a mortgage broker agrees to assist the
borrower in obtaining a residential mortgage loan;
(viii) "Mortgage brokering activities" means for
compensation, either directly or indirectly, assisting or
offering to assist in the preparation of an application for a
residential mortgage loan on behalf of a borrower, or
negotiating or offering to negotiate the terms or conditions of
a residential mortgage loan with any person making residential
mortgage loans;
(ix) "Mortgage lender" means any company, who makes
residential mortgage loans to borrowers or holds itself out as
able to make mortgage loans;
(x) "Mortgage lending activities" means for
compensation, either directly or indirectly, accepting or
offering to accept applications for making residential mortgage
loans;
(xi) "Person" means an individual, sole
proprietorship, partnership, corporation, limited liability
company or other entity, public or private;
(xii) "Real Estate Settlement Procedures Act" means
the act set forth in 12 U.S.C. § 2601 et seq., as amended;
(xiii) "Regulation X" means regulation X as
promulgated by the consumer financial protection bureau and
codified in 12 CFR part 1024 et seq., as amended;
(xiv) "Regulation Z" means regulation Z as
promulgated by the consumer financial protection bureau and
codified in 12 CFR part 1026 et seq., as amended;
(xv) "Residential mortgage loan" means a first
mortgage loan made primarily for personal, family or household
use that is secured by a mortgage, deed of trust or other
equivalent consensual security interest on a dwelling or
residential real estate in Wyoming upon which is constructed or
intended to be constructed a dwelling;
(xvi) "Residential real property" means real property
improved by a one (1) to four (4) family dwelling;
(xvii) "Truth in Lending Act" means the act set forth
in 15 U.S.C. § 1601 et seq., as amended;
(xviii) "Channeling agent" means the third party
licensing system that gathers the application information and
distributes it to Wyoming for review for the approval or denial
decision;
(xix) "Clerical or support duties" means:
(A) The receipt, collection, distribution and
analysis of information common for the processing or
underwriting of a residential mortgage loan; and
(B) Communicating with a consumer to obtain the
information necessary for the processing or underwriting of a
loan, to the extent that such communication does not include
offering or negotiating loan rates or terms, or counseling
consumers about residential mortgage loan rates or terms.
(xx) "Company" means a sole proprietorship,
partnership, corporation, limited liability company or other
entity, public or private;
(xxi) "Depository institution" means a company as
defined in 12 U.S.C. 1813 of the federal deposit insurance act,
and includes any credit union;
(xxii) "Dwelling" means a residential structure that
contains one (1) to four (4) units, whether or not that
structure is attached to real property. "Dwelling", if it is
used as a residence, includes an individual condominium unit,
cooperative unit, mobile home and trailer;
(xxiii) "Federal banking agency" means the board of
governors of the federal reserve system, the comptroller of the
currency, the director of the office of thrift supervision, the
national credit union administration or the federal deposit
insurance corporation;
(xxiv) "Immediate family member" means a spouse,
child, sibling, parent, grandparent, grandchild, stepparent,
stepchild, stepsibling and any adoptive relationship included in
this paragraph;
(xxv) "Individual" means a natural person;
(xxvi) "Loan processor or underwriter" means an
individual who performs clerical or support duties as an
employee at the direction of and subject to the supervision and
instruction of a licensee, or an exempt person under W.S.
40-23-105;
(xxvii) "Mortgage loan originator":
(A) Means an individual who for compensation or
gain or in the expectation of compensation or gain:
(I) Takes a residential mortgage loan
application; or
(II) Offers or negotiates the terms of a
residential mortgage loan.
(B) Shall not include any individual engaged
solely as a loan processor or underwriter except as otherwise
described in W.S. 40-23-124(d);
(C) Shall not include a person who only performs
real estate brokerage activities and is licensed or registered
in accordance with Wyoming law, unless the person is compensated
by a lender, a mortgage broker or other mortgage loan originator
or by any agent of such lender, mortgage broker or other
mortgage loan originator; and
(D) Shall not include a person solely involved
in extensions of credit relating to timeshare plans.
(xxviii) "Nontraditional mortgage product" means any
mortgage product other than a thirty (30) year fixed rate
mortgage;
(xxix) "Real estate brokerage activity" means any
activity that involves offering or providing real estate
brokerage services to the public, including:
(A) Acting as a real estate agent or real estate
broker for a buyer, seller, lessor or lessee of real property;
(B) Arranging meetings or communicating with any
party interested in the sale, purchase, lease, rental or
exchange of real property;
(C) Negotiating, on behalf of any party, any
portion of a contract relating to the sale, purchase, lease,
rental or exchange of real property, unless the negotiating
relates to the financing of these transactions, which shall then
constitute engaging in the business as a mortgage loan
originator;
(D) Engaging in any activity for which a person
engaged in the activity is required to be registered or licensed
as a real estate agent or real estate broker under any
applicable law; and
(E) Offering to engage in any activity, or act
in any capacity, described in subparagraph (A), (B), (C) or (D)
of this paragraph.
(xxx) "Registered mortgage loan originator" means any
individual who:
(A) Is registered with, and maintains a unique
identifier through, the registry; and
(B) Meets the definition of mortgage loan
originator and is an employee of:
(I) A depository institution;
(II) A subsidiary that is:
(1) Owned and controlled by a
depository institution; and
(2) Regulated by a federal banking
agency; or
(III) An institution regulated by the farm
credit administration.
(xxxi) "Registry" means the nationwide mortgage
licensing system and registry which is a mortgage licensing
system developed and maintained by the conference of state bank
supervisors and the American association of residential mortgage
regulators for the licensing and registration of mortgage
lenders, mortgage brokers and mortgage loan originators;
(xxxii) "Timeshare plan" means as defined in 11
U.S.C. § 101(53D);
(xxxiii) "Unique identifier" means a number or other
identifier assigned by protocols established by the registry;
(xxxiv) "This act" means W.S. 40-23-101 through