(a) The following persons are exempt from the mortgage lender or mortgage broker licensing requirements of this chapter:
(1) a depository institution;
(2) a subsidiary that is
(A) owned and controlled by a depository institution; and
(B) regulated by a federal banking agency; or
(3) an institution regulated by the Farm Credit Administration.
(b) The following individuals are exempt from the mortgage loan originator licensing requirements of this chapter:
(1) a registered mortgage loan originator, when acting for an entity described in (a)(1), (2), or (3) of this section;
(2) an individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual; in this paragraph, "immediate family member" means a spouse, child, stepchild, sibling, stepsibling, parent, stepparent, grandparent, or grandchild;
(3) an individual seller who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves as the individual's residence;
(4) a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or another mortgage loan originator or by an agent of a lender, a mortgage broker, or another mortgage loan originator.
Section: Previous 06.60.010 06.60.012 06.60.013 06.60.015 06.60.016 06.60.017 06.60.020 06.60.025 06.60.026 06.60.027 06.60.030 06.60.035 06.60.038 06.60.040 06.60.045 NextLast modified: November 15, 2016