(a) As used in this Chapter:
(1) "Affiliate" means any company that controls, is controlled by, or is under common control related to or associated with another company, as set forth in the Bank Holding Company Act of 1956 (12 U.S.C. § 1841 et seq.), as amended from time to time.
However, an "affiliate" shall not include any entity whose predominant business is the providing of tax deferred, defined contribution, pension plans to public employees in accordance with Section 403(b) and 457 of the Internal Revenue Code.
(2) "Appraiser" means anyone who, for a direct or indirect payment, produces an estimated value of residential real estate.
(3) "City" means the City of Toledo.
(4) "City Agency" means the City of Toledo, its depart ments, boards and commissions.
(5) "Home Loan" means an extension of credit secured by a mortgage lien on a one to four unit owner occupied principal family residential property located within the City of Toledo.
6) "Lender" means:
A. any person, party, institution, business entity, or affiliate that actively transacts business involving origination of home loans;
B. any affiliated person, affiliated party, affiliated institution, affiliated business entity, or lenders affiliate that actively assists a borrower in obtaining a home loan, when the person, party, institution, or affiliate charges or receives money or other valuable consideration for providing this assistance; or
C. a land installment contract vendor solely for the purpose of enforcing Section 795.21(a)(8).
(7) "Prepayment Penalty" means a monetary penalty that may be applied to loans where the borrower pays on principal at an earlier date than agreed to in the original loan instrument.
(Ord. 271-03. Passed 7-22-03.)