As used in this act, the term “principal officer” means an officer with direct responsibility for the conduct of the residential mortgage lender or servicer licensee’s or license applicant’s lending or servicing activities in this state.
The legislature occasionally skips outline levels.
For example:
(3) A person may apply [...]
(4)(a) A person petitioning for relief [...]
In this example, (3), (4),
and (4)(a) are all outline levels, but
(4) was
omitted by its authors. It's only implied. This presents an
interesting challenge when laying out the text. We've
decided to display a blank section with this note, in order
to aide readability.