2nd real estate loan definitions.

2nd real estate loan definitions.

As utilized in parts 1321.51 to 1321.60 for the Revised Code:

(A) « Person » means a person, partnership, relationship, trust, firm, or just about any other appropriate entity.

(B) « Certificate » means a certification of enrollment given under parts 1321.51 to 1321.60 for the Revised Code.

(C) « Registrant » means an individual to who more than one certificates of enrollment were released under sections 1321.51 to 1321.60 associated with Revised Code.

(D) « Principal quantity » means the total amount of money compensated to, or compensated or payable for the account of, the debtor, and includes any fee, charge, or cost this is certainly financed by the debtor at origination regarding the loan or throughout the term associated with the loan.

( ag E) « Interest » means all costs payable straight or indirectly by a debtor up to a registrant as a disorder to that loan or a software for the loan, nonetheless denominated, but doesn’t consist of standard fees, deferment costs, insurance coverage fees or premiums, court expenses, loan origination costs, always check collection fees, line of credit costs, points, prepayment charges, or any other costs and fees particularly authorized for legal reasons.

(F) « Interest-bearing loan » means that loan when the financial obligation is expressed since the principal amount and interest is computed, charged, and accumulated on unpaid major balances outstanding every so often.

(G) « Precomputed loan » means that loan where the financial obligation is just a amount comprising the amount that is principal the total amount of loan by phone customer service interest computed beforehand from the presumption that every planned re re payments are going to be made whenever due.Continue reading