§ 66-106. Definitions. - North Carolina Statutes

Article 20.

Loan Brokers.

§ 66‑106.  Definitions.

(a)        For purposes ofthis Article the following definitions apply:

(1)        A "loanbroker" is any person, firm, or corporation who, in return for anyconsideration from any person, promises to (i) procure for such person, orassist such person in procuring, a loan from any third party; or (ii) considerwhether or not it will make a loan to such person.

(2)        A "loan"is an agreement to advance money or property in return for the promise to makepayments therefor, whether such agreement is styled as a loan, credit card,line of credit, a lease or otherwise.

(b)        Except for mortgageloans as defined in G.S. 53‑243.01, this Article shall not apply to anyparty approved as a mortgagee by the Secretary of Housing and UrbanDevelopment, the Federal Housing Administration, the Veterans Administration, aNational Mortgage Association or any federal agency; nor to any party currentlydesignated and compensated by a North Carolina licensed insurance company asits agent to service loans it makes in this State; nor to any insurance companyregistered with and licensed by the North Carolina Insurance Commissioner; nor,with respect to residential mortgage loans, to any residential mortgage bankeror mortgage broker licensed pursuant to Article 19A of Chapter 53 of theGeneral Statutes or exempt from licensure pursuant to G.S. 53‑243.01(12)and G.S. 53‑243.02; nor to any attorney‑at‑law, publicaccountant, or dealer registered under the North Carolina Securities Act,acting in the professional capacity for which such attorney‑at‑law,public accountant, or dealer is registered or licensed under the laws of theState of North Carolina. Provided further that subdivision (1)(ii) above shallnot apply to any lender whose loans or advances to any person, firm orcorporation in North Carolina aggregate more than one million dollars($1,000,000) in the preceding calendar year.  (1979, c. 705, s. 1; 1981, c. 785, s. 1; 1993, c.339, s. 2; 2001‑393, s. 4; 2008‑228, s. 17.)