§480E-2 Definitions. As used in this chapter, unless the context otherwise requires:
"Consideration" means any payment or thing of value provided to an owner of a distressed property, including reasonable costs paid to independent third parties necessary to complete the distressed property conveyance or payment of money to satisfy a debt or legal obligation of an owner of the distressed property. "Consideration" shall not include any amounts paid or to be paid directly or indirectly to the distressed property purchaser, including amounts identified as "gift equity", "fees", "escrow", or "down payment".
"Distressed property" means any residential real property that:
"Distressed property consultant" means any person who performs or provides, or attempts to perform or provide, or who arranges for others to perform or provide, or who assists others to perform or provide, or who makes any solicitation, representation, or offer to perform or provide, any mortgage assistance relief service.
"Distressed property consultant" shall not include any of the following:
"Distressed property consultant contract" means any agreement or obligation between an owner or agent of an owner of a distressed property and a distressed property consultant.
"Distressed property conveyance" means the transfer of any interest in a distressed property effected directly or indirectly by or through a distressed property consultant.
"Distressed property conveyance contract" means any agreement or obligation affecting a distressed property conveyance.
"Distressed property lease" means any agreement or obligation regarding the lease or rental of a distressed property effected directly or indirectly by or through a distressed property consultant or distressed property purchaser.
"Distressed property owner" or "property owner" means the owner of any distressed property.
"Distressed property purchaser" means any person who acquires any interest in a distressed property directly or indirectly through a distressed property conveyance or distressed property conveyance contract.
"Fully performed" means:
"Lending party" means the person from whom mortgage assistance relief is sought and includes the residential loan holder or servicer.
"Material" means likely to affect a consumer's choice of, or conduct regarding, any mortgage assistance relief service.
"Mortgage assistance relief service" means any service, plan, or program that is offered or provided to the consumer in exchange for consideration and is represented, expressly or by implication, to assist or attempt to assist the consumer with any of the following:
"Person" means any individual, partnership, corporation, limited liability company, association, or other group or entity, however organized.
"Residential loan" means any loan that is secured by a mortgage against residential real property, regardless of whether the property owner lacks sufficient equity in the property so as to render the loan partially or entirely unsecured.
"Residential loan holder" means any person who holds the residential loan that is the subject of the offer to provide mortgage assistance relief services.
"Residential real property" means any fee simple or leasehold real property wherever located, the primary use of which is occupancy as a residence by any natural person or persons, regardless of whether the property owner resides on the property.
"Servicer" means the person responsible for: