The following definitions shall apply for purposes of this division: (a) âHigher-priced mortgage loanâ has the meaning set forth in Section 1026.35 of Title 12 of the Code of Federal Regulations. (b) âLicensed personâ means a real estate broker licensed under the Real Estate Law (Part 1 (commencing with Section 10000) of Division 4 of the Business and Professions Code), a finance lender or broker licensed under the California Financing Law (Division 9 (commencing with Section 22000)), a residential mortgage lender licensed under the California Residential Mortgage Lending Act (Division 20 (commencing with Section 50000)), a commercial or industrial bank organized under the Banking Law (Division 1.1 (commencing with Section 1000)), a savings association organized under the Savings Association Law (Division 2 (commencing with Section 5000)), and a credit union organized under the California Credit Union Law (Division 5 (commencing with Section 14000)). (c) âMortgage brokerâ means a licensed person who provides mortgage brokerage services. For purposes of this division, a licensed person who makes home loans is a âmortgage broker,â and subject to the requirements of this division applicable to mortgage brokers, only with respect to transactions in which the licensed person provides mortgage brokerage services. (d) âMortgage brokerage servicesâ means arranging or attempting to arrange, as exclusive agent for the borrower or as dual agent for the borrower and lender, for compensation or in expectation of compensation, paid directly or indirectly, a higher-priced mortgage loan made by an unaffiliated third party.
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