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31 CFR § 1010.100(lll) - General definitions - Loan or finance company.

Date issued: Feb. 04 2012

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§1010.100 General definitions.

When used in this chapter and in forms prescribed under this chapter, where not otherwise distinctly expressed or manifestly incompatible with the intent thereof, terms shall have the meanings ascribed in this subpart. Terms applicable to a particular type of financial institution or specific part or subpart of this chapter are located in that part or subpart. Terms may have different meanings in different parts or subparts.

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(lll) Loan or finance company. A person engaged in activities that take place wholly or in substantial part within the United States in one or more of the capacities listed below, whether or not on a regular basis or as an organized business concern. This includes but is not limited to maintenance of any agent, agency, branch, or office within the United States. For the purposes of this paragraph (lll), the term “loan or finance company” shall include a sole proprietor acting as a loan or finance company, and shall not include: A bank, a person registered with and functionally regulated or examined by the Securities and Exchange Commission or the Commodity Futures Trading Commission, any government sponsored enterprise regulated by the Federal Housing Finance Agency, any Federal or state agency or authority administering mortgage or housing assistance, fraud prevention or foreclosure prevention programs, or an individual employed by a loan or finance company or financial institution under this part. A loan or finance company is not a financial institution as defined in the regulations in this part at 1010.100(t).
(1) Residential mortgage lender or originator. A residential mortgage lender or originator includes:
(i) Residential mortgage lender. The person to whom the debt arising from a residential mortgage loan is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement, or to whom the obligation is initially assigned at or immediately after settlement. The term “residential mortgage lender” shall not include an individual who finances the sale of the individual's own dwelling or real property.
(ii) Residential mortgage originator. A person who accepts a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.
(iii) Residential mortgage loan. A loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on:
(A) A residential structure that contains one to four units, including, if used as a residence, an individual condominium unit, cooperative unit, mobile home or trailer; or
(B) Residential real estate upon which such a structure is constructed or intended to be constructed.

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QuickCEN Commentary (651 words)

Notes:

Each subsection of 31 CFR § 1010.100 has its own entry in the Research System. See links below:

31 CFR § 1010.100(a) - General definitions - Accept. (Formerly 103.122(a)(1))
31 CFR § 1010.100(b) - General definitions - At one time (Formerly 103.122(a)(2))
31 CFR § 1010.100(c) - General definitions - Attorney General. (Formerly 103.122(a)(3))
31 CFR § 1010.100(d) - General definitions - Bank. (Formerly 103.122(a)(4))
31 CFR § 1010.100(e) - General definitions - Bank Secrecy Act. (Formerly 103.122(a)(6))
31 CFR § 1010.100(f) - General definitions - Beneficiary.
31 CFR § 1010.100(g) - General definitions - Beneficiary's bank.
31 CFR § 1010.100(h) - General definitions - Broker or dealer in securities.
31 CFR § 1010.100(i) - General definitions - Business day.
31 CFR § 1010.100(j) - General definitions - Commodity.
31 CFR § 1010.100(k) - General definitions - Common carrier.
31 CFR § 1010.100(l) - General definitions - Contract of sale.
31 CFR § 1010.100(m) - General definitions - Currency.
31 CFR § 1010.100(n) - General definitions - Deposit account.
31 CFR § 1010.100(o) - General definitions - Domestic.
31 CFR § 1010.100(p) - General definitions - Established customer.
31 CFR § 1010.100(q) - General definitions - Execution date.
31 CFR § 1010.100(r) - General definitions - Federal functional regulator. (Formerly 103.120(a)(2))
31 CFR § 1010.100(s) - General definitions - FinCEN. (Formerly 103.120(a)(3))
31 CFR § 1010.100(t) - General definitions - Financial institution.
31 CFR § 1010.100(u) - General definitions - Foreign bank.
31 CFR § 1010.100(v) - General definitions - Foreign financial agency.
31 CFR § 1010.100(w) - General definitions - Funds transfer.
31 CFR § 1010.100(x) - General definitions - Futures commission merchant.
31 CFR § 1010.100(y) - General definitions - Indian Gaming Regulatory Act.
31 CFR § 1010.100(z) - General definitions - Intermediary bank.
31 CFR § 1010.100(aa) - General definitions - Intermediary financial institution.
31 CFR § 1010.100(bb) - General definitions - Introducing broker-commodities.
31 CFR § 1010.100(cc) - General definitions - Investment security.
31 CFR § 1010.100(dd) - General definitions - Monetary instruments.
31 CFR § 1010.100(ee) - General definitions - Reserved
31 CFR § 1010.100(ff) - General definitions - Money services business.
31 CFR § 1010.100(gg) - General definitions - Mutual fund.
31 CFR § 1010.100(hh) - General definitions - Option on a commodity.
31 CFR § 1010.100(ii) - General definitions - Originator.
31 CFR § 1010.100(jj) - General definitions - Originator's bank.
31 CFR § 1010.100(kk) - General definitions - Payment date.
31 CFR § 1010.100(ll) - General definitions - Payment order.
31 CFR § 1010.100(mm) - General definitions - Person.
31 CFR § 1010.100(nn) - General definitions - Receiving bank.
31 CFR § 1010.100(oo) - General definitions - Receiving financial institution.
31 CFR § 1010.100(pp) - General definitions - Recipient.
31 CFR § 1010.100(qq) - General definitions - Recipient's financial institution.
31 CFR § 1010.100(rr) - General definitions - Secretary.
31 CFR § 1010.100(ss) - General definitions - Security.
31 CFR § 1010.100(tt) - General definitions - Self-regulatory organization:
31 CFR § 1010.100(uu) - General definitions - Sender.
31 CFR § 1010.100(vv) - General definitions - State.
31 CFR § 1010.100(ww) - General definitions - Prepaid access.
31 CFR § 1010.100(xx) - General definitions - Structure (structuring) -.
31 CFR § 1010.100(yy) - General definitions - Taxpayer Identification Number. (Formerly 103.121(a)(6))
31 CFR § 1010.100(zz) - General definitions - Territories and Insular Possessions.
31 CFR § 1010.100(bbb) - General definitions - Transaction.
31 CFR § 1010.100(ccc) - General definitions - Transaction account.
31 CFR § 1010.100(ddd) - General definitions - Transmittal of funds.
31 CFR § 1010.100(eee) - General definitions - Transmittal order.
31 CFR § 1010.100(fff) - General definitions - Transmittor.
31 CFR § 1010.100(ggg) - General definitions - Transmittor's financial institution.
31 CFR § 1010.100(hhh) - General definitions - United States.
31 CFR § 1010.100(iii) - General definitions - U.S. person.
31 CFR § 1010.100(jjj) - General definitions - U.S. Postal Service.
31 CFR § 1010.100(kkk) - General definitions - Closed loop prepaid access.
31 CFR § 1010.100(lll) - General definitions - Loan or finance company.
31 CFR § 1010.100(mmm) - General definitions - Housing government sponsored enterprise.