Statutes, codes, and regulations
District Of Columbia Administrative Code
Title 26 - INSURANCE, SECURITIES AND BANKINGSubtitle 26-C - BANKING AND FINANCIAL INSTITUTIONS
Chapter 26-C11 - MORTGAGE LENDERS, MORTGAGE BROKERS AND MORTGAGE LOAN ORIGINATORS
Rule 26-C1199 - DEFINITIONS

D.C. Mun. Regs. tit. 26, r. 26-C1199

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Current through Register Vol. 71, No. 49, December 6, 2024
Rule 26-C1199 - DEFINITIONS
1199.1

For the purpose of this chapter, the following terms have the meaning ascribed:

Applicant - a person filing an application for a license, a renewal license, or a change in control under the Act, for an individual office location.

Commissioner - the Commissioner of the Department of Insurance, Securities and Banking.

Department - the Department of Insurance, Securities and Banking.

Fair Credit Reporting Act - 15 USC §§ 1681et seq. and implementing rules and regulations.

Lock-in agreement - an agreement that guarantees an interest rate during a specified period.

Mortgage Dual Authority licensee - a licensee with both a mortgage lender and a mortgage broker license.

Mortgage Servicer - a person who engages in the business of servicing mortgage loans for others or collecting or otherwise receiving mortgage loan payments directly from borrowers for distribution to any other person.

RESPA - the Real Estate Settlement Procedures Act (12 USC §§ 2601 et seq.) and implementing rules and regulations.

Sponsor or Sponsoring Agent - The District licensed mortgage lender or mortgage broker with whom the mortgage loan originator is employed or associated.

TILA - the Truth In Lending Act ( 15 USC §§ 1601 et seq.) and implementing rules and regulations.

D.C. Mun. Regs. tit. 26, r. 26-C1199

Final Rulemaking published at 56 DCR 4356, 4377-4378 (June 5, 2009), as amended by Final Rulemaking published at 56 DCR 7457, 7461 (September 11, 2009); as amended by Notice of Emergency and Proposed Rulemaking published at 57 DCR 7908 (August 27, 2010)[EXPIRED]; as amended by Notice of Final Rulemaking published at 57 DCR 12219, 12221 (December 24, 2010)
Authority: The Commissioner of the Department of Insurance, Securities and Banking (Department), pursuant to the authority set forth in section 22 of the Mortgage Lender and Broker Act of 1996, effective September 9, 1996 (D.C. Law 11-155; D.C. Official Code § 26-1121 (2001)) (Act).