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2nd home mortgage definitions.

2nd home mortgage definitions.

As found in parts 1321.51 to 1321.60 associated with the Revised Code:

(A) “Person” means a person, partnership, relationship, trust, business, or just about any other entity that is legal.

(B) “Certificate” means a certification of enrollment given under parts 1321.51 to 1321.60 associated with Revised Code.

(C) “Registrant” means someone to who a number of certificates of enrollment have already been given under parts 1321.51 to 1321.60 associated with Revised Code.

(D) “Principal quantity” means the quantity of money compensated to, or compensated or payable for the account of, the debtor, and includes any cost, cost, or cost that is financed because of the debtor at origination of this loan or throughout the term associated with the loan.

( E) “Interest” means all fees payable straight or indirectly by a debtor up to a registrant as an ailment to financing or a software for the loan, nevertheless denominated, but doesn’t add standard fees, deferment charges, insurance coverage fees or premiums, court expenses, loan origination fees, check always collection fees, line of credit costs, points, prepayment charges, or any other costs and costs particularly authorized for legal reasons.

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(F) “Interest-bearing loan” means that loan where the financial obligation is expressed since the principal amount and interest is computed, charged, and obtained on unpaid balances that are principal every once in awhile.

(G) “Precomputed loan” means that loan when the financial obligation is a amount comprising the major quantity and the quantity of interest computed ahead of time in the presumption that every planned re re payments is supposed to be made whenever due.