To whom does the statute apply?
The Act must be read carefully. Some sections of the Act apply to a "person." A person is defined as any individual, corporation, limited liability company, partnership, association, governmental entity, or any other legal entity. Other sections of the Act apply to "lenders." The term lender, however, is not defined in the Act. Generally, a lender would include any "person" lending money for a mortgage loan as the term "mortgage loan" is defined in the Act.