[Section effective until January 1, 2010. See, also, section effective January 1, 2010.]

1. (A) This chapter may be cited as the Licensing Requirements Act of Certain Brokers of Mortgages on Residential Real Property.

2. (B) No person, partnership, corporation, banking organization, or other organization shall broker a residential mortgage as defined in this chapter unless the broker of the mortgage:

   1. (1) is an exempt person or organization as defined by Section 40-58-20(5); or
   2. (2) has complied with the provisions of this chapter.