224.71 Definitions.
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/wi/chapter-224/224-71A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
224.71 Definitions. In this subchapter:
(1bm)“Another state” means any state of the United States other than Wisconsin; the District of Columbia; any territory of the United States; Puerto Rico; Guam; American Samoa; the Trust Territory of the Pacific Islands; the Virgin Islands; or the Northern Mariana Islands.
(1br)“Bona fide nonprofit organization” means an organization that is described in section 501
(3)of the Internal Revenue Code and exempt from federal income tax under section 501
(a)of the Internal Revenue Code, that is certified by the federal department of housing and urban development or the Wisconsin Housing and Economic Development Authority, and that does all of the following:
(a)Promotes affordable housing or provides home ownership education or similar services.
(b)Conducts its activities in a manner that serves public or charitable purposes.
(c)Receives funding and revenue and charges fees in a manner that does not create an incentive for itself or its employees to act other than in the best interests of its clients.
(d)Compensates its employees in a manner that does not create an incentive for its employees to act other than in the best interests of its clients.
(e)Provides to, or identifies for, the borrower residential mortgage loans with terms favorable to the borrower and comparable to residential mortgage loans and housing assistance provided under government housing assistance programs.
(1c)“Branch office” means an office or place of business, other than the principal office, located in this state or another state, where a mortgage loan originator, mortgage banker, or mortgage broker engages in the mortgage loan business subject to this subchapter.
(1dm)“Depository institution” has the meaning given in 12 USC 1813
(c)(1), but also includes any state or federal credit union.
(1e)“Division” means the division of banking.
(1f)“Dwelling” has the meaning given in 15 USC 1602 (w).
(1g)“Employee” means an individual whose manner and means of performance of work are subject to the right of control of, or are controlled by, a person, and whose compensation for federal income tax purposes is reported, or required to be reported, on a W-2 form issued by the controlling person.
(a)Except as provided in par.
(b), “expungement” means to have stricken or obliterated from a record of criminal conviction all references to the defendant’s name and identity.
(b)For a criminal conviction entered in another state, “expungement” has the meaning given under the laws of the state where the criminal conviction is entered.
(1h)“Federal banking agency” means the board of governors of the federal reserve system, the U.S. office of the comptroller of the currency, the national credit union administration, or the federal deposit insurance corporation.
(1m)“Finds,” with respect to a residential mortgage loan, means to assist a residential mortgage loan applicant in locating a lender for the purpose of obtaining a residential mortgage loan and to make arrangements for a residential mortgage loan applicant to obtain a residential mortgage loan, including collecting information on behalf of an applicant and preparing a loan package.
(1r)“Housing finance agency” means any authority that is all of the following:
(a)Chartered by a state to help meet the affordable housing needs of the residents of the state.