"Ultimate equitable owner" means a person that, directly or indirectly, owns or controls ten percent (10%) or more of the equity interest in a loan broker, regardless of whether the person owns or controls the equity interest through:

1. (1) one (1) or more other persons; or
2. (2) one (1) or more proxies, powers of attorney, or variances.

As added by P.L.175-2019, SEC.2.