(a) The following acts are prohibited by a residential contractor:
(1) Having a controlling ownership interest in the lender providing a mortgage loan for home improvement for the work being performed by the contractor; or
(2) Being a cosigner or acting as a guarantor for a mortgage loan for home improvement.
(b) As used in this section, “mortgage loan for home improvement” shall have the same meaning as defined in § 45-13-403(c).
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