In this chapter, the following terms have the meanings indicated. Terms Defined. Balloon Payment. “Balloon payment” means any scheduled payment on a mortgage loan that is more than two times the average of all other payments scheduled to repay the mortgage loan. “Balloon payment” does not include a down payment. “Commissioner” means the Commissioner of Financial Regulation in the Maryland Department of Labor. “Fraud” means any act that: Constitutes a criminal violation of any article of the Annotated Code of Maryland and is part of an attempt or scheme to defraud any person; or Whether or not a criminal offense, is an intentional misrepresentation of any material fact or is conduct that is intended to prevent the discovery of a material fact, and is part of an attempt or scheme to defraud any person. “Initial application” has the meaning stated in COMAR 09.03.06.02B(14). “Mortgage loan” has the meaning stated in Financial Institutions Article, §11-501, Annotated Code of Maryland. “Regulated person” means an individual, corporation, business trust, financial institution, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity that is subject to the regulatory authority of the Commissioner pursuant to Financial Institutions Article, or Commercial Law Article, Annotated Code of Maryland. “Residential real estate” has the meaning stated in Financial Institutions Article, §11-501, Annotated Code of Maryland. “Settlement” means the disbursement of the proceeds of a mortgage loan by the person conducting the settlement to the borrower or to third parties as required by the lender's instructions.