Mo. Code Regs. tit. 20 § 1140-20.010

Current through Register Vol. 50, No. 1, January 2, 2025

Section 20 CSR 1140-20.010 - Definitions

PURPOSE: This rule defines the terms used in this chapter.

(1) The words and terms that follow, when used in this chapter, shall have the following meanings:

(A) Residential real estate-real estate used or intended to be used as a residence by not more than four (4) families;

(B) Single family dwelling-a structure designed for residential use by one (1) family; or a unit in a condominium, as defined in Chapter 448, RSMo. The term also includes property owned in common with others which is necessary to or contributes to the use and enjoyment of such a structure or unit;

(C) Home-a structure designed and used as a residence by one (1) family or a structure designed and used for occupancy of one to four (1-4) family units;

(D) Other real estate-land on which structures or improvements which do not qualify the property as residential real estate may or may not be constructed, or improved, or unimproved land on which nonresidential structures or improvements may or may not be constructed;

(E) Commercial loans-secured and unsecured loans for commercial, corporate, business or agricultural purposes;

(F) Consumer loans-secured or unsecured loans for personal, family, home improvement or household purposes, including any loan reasonably incident to the consumer loan;

(G) Consumer goods-goods bought or used primarily for personal, family, home improvement or household purposes;

(H) Improved real estate-building lots or sites upon which improvements have been completed; or building lots or sites ready for the construction of a structure designed for residential or commercial use;

(I) Manufactured home-a movable-dwelling constructed in one (1) or more units (to occupy land) having a minimum width of ten feet (10') and a minimum area of four hundred (400) square feet and containing living facilities for year-round occupancy by one (1) family, but does not include mobile homes which do not conform to the applicable standards and requirements of Chapter 700, RSMo regarding mobile home standards;

(J) Manufactured home chattel paper- written evidence of both a monetary obligation and a security interest of first priority in one (1) or more manufactured homes and any equipment installed or to be installed;

(K) Manufacturer's invoice price-a manufacturer's itemized charges, shown on its invoice, for a specifically identified manufactured home, furnishings, equipment and accessories installed by the manufacturer and freight;

(L) Wrap-around real estate loan-a financing device where a junior lien secures a liability consisting of the amount of senior debt, plus any additional funds advanced to the borrower, where the original mortgagor continues to be personally liable on the senior debt;

(M) Loan secured by leasehold-a loan secured by a first lien on a leasehold interest in real property and improvements situated on that real property;

(N) Combination of home and business property-real property which is used in part for business purposes and in part for residential purposes by not more than four (4) families;

(O) Education loans-loans made for the payment of educational expenses; and

(P) Loans on securities-loans to insured financial institutions, or to any broker or dealer registered with the Securities and Exchange Commission, secured by loans, obligations or investments in which an association has the authority to invest directly.

20 CSR 1140-20.010

AUTHORITY: sections 369.144, 369.229, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-8.010. This rule previously filed as 4 CSR 140-20.010. Original rule filed Feb. 16, 1972, effective Feb. 26, 1972. Rescinded and readopted: Filed July 14, 1978, effective Nov. 13, 1978. Amended: Filed July 16, 1979, effective Oct. 12, 1979. Amended: Filed Dec. 14, 1982, effective March 11, 1983. Rescinded and readopted: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-20.010, effective July 6, 1994. Moved to 20 CSR 1140-20.010, effective Aug. 28, 2006.

*Original authority: 369.144, 1994 RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; 369.229, RSMo 1971, amended 1983, 1994; and 369.249 and 369.299, RSMo 1971, amended 1994.