10 Pa. Code § 42.1

Current through Register Vol. 54, No. 37, September 14, 2024
Section 42.1 - Definitions

The following words and terms, when used in this chapter, have the following meanings, unless the context clearly indicates otherwise:

Act-The Credit Services Act (73 P. S. §§ 2181-2192).

Applicant-A person who, in accordance with this chapter, has submitted a registration application or renewal registration application and applicable fees to the Department in an effort to register with the Department as a loan broker.

Department-The Department of Banking and Securities of the Commonwealth.

Employee-A person who receives wages reportable under Internal Revenue Service Form W-2.

Loan broker-As defined in section 2 of the act (73 P. S. § 2182), the term includes any person who acts for or on behalf of a loan broker for the purpose of soliciting borrowers. The term does not include a person licensed or otherwise regulated by the Department as a loan broker under other statutes or licensed, regulated or exempted under other statutes, including those administered by any other agency of the Commonwealth or the United States.

Principal-An officer, director, partner, joint venturer, branch manager or other person with similar managerial or supervisory responsibilities for a loan broker.

10 Pa. Code § 42.1