PURPOSE: This rule establishes definitions for use in Chapter 4 CSR 140-30 Mortgage Broker Rules.

1. (1) As used in Chapter 4 CSR 140-30 Mortgage Broker Rules, the definitions in section 443.803, RSMo shall apply and, in addition—

   1. (A) “Act” means the Residential Mortgage Brokers License Act, sections 443.800 through 443.893, RSMo;
   2. (B) “Assisting” or “helping” as used in section 443.803.1(17), RSMo shall not include activities undertaken by a person in pursuit of such person’s licensed profession or occupation including, but not limited to insurance producer, attorney at law, certified public accountant, land surveyor, or professional engineer;
   3. (C) “Commissioner” means the commissioner of finance (director of the Division of Finance) or agent thereof;
   4. (D) “Control” means the power to, directly or indirectly, affect the voting interest of twenty-five percent (25%) or more of any class of the outstanding voting shares, or partnership interest or limited liability company interest, of a licensee;
   5. (E) “Document” for purposes of section 443.891, RSMo shall include all business and financial documents and all books and records of any type or kind whatsoever;
   6. (F) “First tier subsidiary” shall include any corporation or limited liability company which is owned or controlled by a bank and that has its principal place of business in Missouri;
   7. (G) “Material” shall include, but not be limited to, a misstatement or omission of fact which, if it had not been misstated or omitted, may have altered the decision, approval, determination, or finding made by the commissioner or may have caused the commissioner to act or consider acting pursuant to any of the powers vested in the commissioner;
   8. (H) “Principal place of business” means the principal place of business of the subsidiary’s parent;
   9. (I) “Principal shareholder” means person or entity that owns or controls ten percent (10%) or more of any class of stock of the applicant or person or entity, other than a depository institution that lends, provides or infuses funds to or into the applicant in an amount equal to, or more than, ten percent (10%) of the applicant’s net worth;
   10. (J) “State” means the state of Missouri; and
   11. (K) “Wholesale mortgage lender” shall mean an entity or person engaged solely in purchasing existing loans without participating in the application process, negotiation or credit decision; any entity or person who provides the money for what is commonly known as “table funding” is ordinarily not a wholesale mortgage lender.

AUTHORITY: sections 443.847, 443.869(7) and 443.887, RSMo Supp. 1996.* This rule originally filed as 4 CSR 140-30.010. Emergency rule filed Nov. 25, 1996, effective Dec. 5, 1996, expired June 27, 1997. Original rule filed Nov. 25, 1996, effective May 30, 1997. Moved to 20 CSR 1140- 30.010, effective Aug. 28, 2006.

*Original authority: 443.847, RSMo 1994, amended 1995; 443.869(7), RSMo 1994, amended 1995; and 443.887, RSMo 1994, amended 1995.