The following are exempt from the requirement of obtaining a mortgage loan originator license:
- (1) Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;
- (2) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence; or
- (3) Any individual who, on, before, or after July 1, 2017, offers or negotiates terms of five or fewer nonresidential mortgage loans in a twelve-month period as long as the total amount of the loans outstanding does not exceed four million dollars.
Source: SL 2009, ch 251 , § 23; SL 2012, ch 237 , § 1; SL 2017, ch 207 , § 2.