“Mortgage agent” defined.
1. “Mortgage agent” means a natural person who:
(a) Is an employee or independent contractor of a mortgage broker who is required to be licensed pursuant to this chapter; and
(b) Is authorized by the mortgage broker to engage in, on behalf of the mortgage broker, any activity that would require the person, if he were not an employee or independent contractor of the mortgage broker, to be licensed as a mortgage broker pursuant to this chapter.
2. The term does not include a person who:
(a) Is licensed as a mortgage broker;
(b) Is a general partner, officer or director of a mortgage broker; or
(c) Performs only clerical or ministerial tasks for a mortgage broker.
Last modified: February 27, 2006