(4) "Advertising" means a commercial message in a medium that promotes, either directly or indirectly, a mortgage loan transaction. (3) "Administrator" means the Administrator of the Department of Consumer Affairs (department) or the administrator's designees. (2) "Act as a mortgage lender" means to engage in the business of making or servicing mortgage loan for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, including soliciting, processing, placing, or negotiating a mortgage loan. "Act as a mortgage broker" also includes bringing a borrower and lender together to obtain a mortgage loan or rendering a settlement service as described in 12 U.S.C. (1) "Act as a mortgage broker" means to act, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, by: (i) soliciting, processing, placing, or negotiating a mortgage loan for a borrower from a mortgage lender or depository institution or offering to process, place, or negotiate a mortgage loan for a borrower from a mortgage lender or depository institution, (ii) engaging in tablefunding of a mortgage loan, or (iii) acting as a loan correspondent whether those acts are done by telephone, by electronic means, by mail, or in person with the borrowers or potential borrowers. (2) has complied with the provisions of this chapter. (1) is an exempt person as defined by Section 40-58-20(16) or (B) A person may not broker a mortgage loan as defined in this chapter unless the broker of the mortgage loan: (A) This chapter may be cited as the Licensing of Mortgage Brokers Act. Citation of chapter mortgage loan broker requirements.
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