54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement. 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.
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