367.300. Definitions.
Definitions.
367.300. As used in sections 367.300 to 367.310, unless thecontext otherwise requires, the following terms shall mean:
(1) "Advance fee", any consideration which is assessed orcollected prior to the closing by a loan broker;
(2) "Borrower", a person obtaining or desiring to obtain aloan of money, a credit card, or a line of credit;
(3) "Loan", an agreement to advance money or property inreturn for the promise to make payments therefor;
(4) "Loan broker", any person; except any bank, savings andloan association, trust company, building and loan association,credit union, retail installment sales company, securitiesbroker-dealer, real estate broker or salesperson, attorney,federal housing administration or veterans' administrationapproved lender, credit card company, installment loan licensee,mortgage banker or lender, or insurance company, provided thatthe person excepted is licensed by or subject to regulation orsupervision of any agency of the United States or this state and,if licensed, is acting within the scope of the license; and alsoexcepting subsidiaries of licensed or chartered banks or savingsand loan associations; who:
(a) For or in expectation of consideration arranges orattempts to arrange or offers to fund a loan of money, a creditcard, or a line of credit;
(b) For or in expectation of consideration assists oradvises a borrower in obtaining or attempting to obtain a loan ofmoney, 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 purposeof soliciting borrowers; or
(d) Holds himself out as a loan broker;
(5) "Principal", any officer, director, partner, jointventurer, branch manager, or other person with similar managerialor supervisory responsibilities for a loan broker.
(L. 1992 S.B. 705)