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2010 SESSION

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SB 294 Mortgage Lender and Broker Act; definition of principal.

Introduced by: Ryan T. McDougle | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Mortgage Lender and Broker Act; definition of principal.  Provides that a principal, for purposes of the Mortgage Lender and Broker Act, means a person who, directly or indirectly, owns or controls a 10 percent or greater interest in a corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. Currently, a principal is a person who, directly or indirectly, owns or controls a 10 percent or greater interest in a stock corporation, nonstock corporation, or limited liability company.


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