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

1. (A) A mortgage broker, as defined in Section 40-58-20(3), or an originator, as defined in Section 40-58-20(14), may not engage in the business of processing, placing, or negotiating a mortgage or offering to process, place, or negotiate a mortgage in this State without first being licensed with the administrator.
2. (B) It is unlawful for a person to employ, to compensate, or to appoint as its agent an originator unless the originator is licensed pursuant to this chapter. The license of an originator is not effective during any period when that person is not employed by a mortgage broker licensed pursuant to this chapter. When an originator ceases to be employed by a licensed mortgage broker, the originator and the mortgage broker by whom that person was employed shall promptly notify the department in writing. An originator must not be employed simultaneously by more than one mortgage broker.
3. (C) Notwithstanding subsection (A) of this section, the provisions of this chapter do not apply to an exempt person or organization as defined in Section 40-58-20(5).