63 Pa. Stat. § 456.503
The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Affiliate." Any entity that controls, is controlled by or is under common control with another entity as determined under the Bank Holding Company Act of 1956 (70 Stat. 133, 12 U.S.C. § 1841 et seq.).
"Bridge loan." A loan with a maturity of less than 18 months which only requires payments of interest until such time as the entire unpaid balance is due and payable.
"Covered loan." A consumer credit mortgage loan transaction involving property located within this Commonwealth, that is considered a mortgage under section 103(aa) of the Truth in Lending Act ( Public Law 90-32115 U.S.C. § 1602(aa) ) and regulations adopted pursuant thereto by the Federal Reserve Board, including 12 CFR § 226.32 (relating to requirements for certain closed-end home mortgages), for which the original principal balance of the loan is less than $100,000.
"Creditor." A person considered a creditor pursuant to 12 CFR § 226.2(a)(17) (relating to definitions and rules of construction).
"Gross income." An obligor's gross income as set forth on a credit application, the obligor's financial statement, a credit report, financial information provided to the lender by or on behalf of the obligor or as determined by any other reasonable means by a lender.
"Lender." Any creditor that in any 12-month period originates at least one covered loan. The creditor to whom the covered loan is initially payable, either on the face of the note or contract or by agreement when there is no note or contract, shall be deemed to be the lender.
"Median family income." Median family income for the Metropolitan Statistical Area (MSA) as defined by the Director of the United States Office of Management and Budget in which property which secures a covered loan is located or, for loans secured by property not located within an MSA, the nonmetropolitan median family income for the Commonwealth as reported in the most recent estimates made available by the United States Department of Housing and Urban Development at the time a loan application is received or the latest such estimates made available in the preceding calendar year, whichever amount is lower. To the extent such information is not readily available from the United States Department of Housing and Urban Development in a form suitable for use by lenders, the Department of Banking shall periodically publish or otherwise make available to lenders median family income information for MSAs and nonmetropolitan areas that may be relied upon by lenders for purposes of this chapter.
"Mortgage broker." A person required to be licensed as a mortgage broker, limited mortgage broker or loan correspondent pursuant to the act of December 22, 1989 (P.L. 687, No. 90) , known as the Mortgage Bankers and Brokers Act, or as a secondary mortgage loan broker pursuant to the act of December 12, 1980 (P.L. 1179, No. 219), known as the Secondary Mortgage Loan Act.
"Municipality." A county, city, borough, incorporated town or township.
"Obligor." Each obligor, co-obligor, cosigner or guarantor obligated to repay a covered loan.
"Person." A corporation, partnership, limited liability company, business trust or any other common enterprise or undertaking involving two or more persons, association of two or more persons, estate, trust, foundation or natural person.
"Political subdivision." A municipality, school district, vocational school district or municipal authority.
"Principal balance." The amount of a promissory note secured by a mortgage in a consumer credit mortgage transaction.
"Servicer." A servicer as defined in section 6(i)(2) of the Real Estate Settlement Procedures Act of 1974 ( Public Law 93-533, 12 U.S.C. § 2605(i)(2) )
63 P.S. § 456.503