45-190. Terms, defined.
For purposes of sections 45-189 to 45-191.11, unless the context otherwise requires:
(1) Advance fee means any fee, deposit, or consideration which is assessed or collected, prior to the closing of a loan, by a loan broker and includes, but is not limited to, any money assessed or collected for processing, appraisals, credit checks, consultations, or expenses;
(2) Borrower means a person obtaining or desiring to obtain a loan of money;
(3) Department means the Department of Banking and Finance;
(4) Director means the Director of Banking and Finance;
(5)(a) Loan broker means any person who:
(i) For or in expectation of consideration from a borrower, procures, attempts to procure, arranges, or attempts to arrange a loan of money for a borrower;
(ii) For or in expectation of consideration from a borrower, assists a borrower in making an application to obtain a loan of money;
(iii) Is employed as an agent for the purpose of soliciting borrowers as clients of the employer; or
(iv) Holds himself or herself out, through advertising, signs, or other means, as a loan broker; and
(b) Loan broker does not include: (i) A bank, bank holding company, trust company, savings and loan association or subsidiary of a savings and loan association, building and loan association, or credit union which is subject to regulation or supervision under the laws of the United States or any state; (ii) a mortgage banker or an installment loan company licensed or registered under the laws of the State of Nebraska; (iii) a credit card company; (iv) an insurance company authorized to conduct business under the laws of the State of Nebraska; or (v) a lender approved by the Federal Housing Administration or the United States Department of Veterans Affairs, if the loan is secured or covered by guarantees, commitments, or agreements to purchase or take over the same by the Federal Housing Administration or the United States Department of Veterans Affairs;
(6) Loan brokerage agreement means any agreement for services between a loan broker and a borrower; and
(7) Person means natural persons, corporations, trusts, unincorporated associations, joint ventures, partnerships, and limited liability companies.
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