Wis. Admin. Code Department of Financial Institutions DFI-SL 1.03 - Definitions
In all chapters beginning with DFI-SL, unless otherwise indicated:
(1) "Association" means a
savings and loan association chartered under ch. 215, Stats. or doing business
in this state under s.
215.33, Stats.
(2) "Commercial loan" means a secured or
unsecured loan to a natural person or business entity for commercial,
corporate, business or agricultural purposes.
(3) "Consumer loan" means a secured or
unsecured loan, or an interest in a loan, made to a natural person for a
personal, family or household purpose. "Consumer loan" includes a loan
reasonably incident to lending for a personal, family or household purpose but
does not include a loan to a natural person for a commercial, corporate,
agricultural or other business activity.
(4) "Days" mean calendar days computed under
s. 990.001 (4),
Stats.
(5) "Development loan" means
a loan:
(a) To finance the purchase of land
and the accomplishment of all improvements required to convert it to developed
building lots; or
(b) Made on the
security of real estate upon which all facilities and improvements have been
completely installed as required by local regulations and practices so that it
is entirely prepared for the erection of structures.
(5m) "Division" means the division of
banking.
(5s) "FDIC" means the
federal deposit insurance corporation or any successor to it.
(6) "Federal insuring agency" means the FDIC
or other federal agency insuring the accounts of a given association.
(7) "Financial institution" means a state or
federally chartered savings and loan association, bank, credit union or savings
bank.
(8m) "LLC" means a limited
liability company organized under ch. 183, Stats.
(9) "Mobile home" means a movable dwelling
unit that is designed and constructed for permanent occupancy by a single
family and contains permanent eating, cooking, sleeping and sanitary facilities
and includes a modular unit in the possession of a dealer or a purchaser who
will occupy the unit, provided the unit has not yet been assembled at a
permanent site.
(10) "Mobile home
loan" in ch. DFI-SL 13 means a loan made on the qualifying security of a mobile
home.
(11) "Mortgage insurance"
means a policy of insurance indemnifying a lender in whole or in part against
losses resulting from a borrower's failure to make contractual payments as
specified in a mortgage note.
(12)
"Net worth ratio" means the ratio, expressed as a percentage, the numerator of
which is the result of subtracting the association's liabilities from its
assets and adding to that number unallocated, general loan loss reserves (but
not loss reserves for specific, identified losses) and the denominator of which
is the association's assets.
(13)
"Repossessed" in ch. DFI-SL 11 and s.
DFI-SL
16.01(12), means acquired by
purchase, exchange, surrender or otherwise as may be necessary to protect or
enforce an association's or a subsidiary's security interest or to collect
claims or debts owed to either.
(14) "Subsidiary" means any business in which
an association directly or indirectly owns an interest, and includes a service
corporation, partnership, joint venture, LLC and business in which an
association indirectly owns an interest through another subsidiary or a series
of subsidiaries.
(15) "Value"
means, with reference to real estate securing a mortgage loan, the reasonable
market value of the property as appraised.
Notes
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