[§454F-2]  Exemptions.  This chapter shall
not apply to the following:



(1)  A registered mortgage loan originator, when
acting for an insured depository institution, a subsidiary of an insured
depository institution regulated by a federal banking agency, or an institution
regulated by the Farm Credit Administration;



(2)  Any individual who offers or negotiates terms of
a residential mortgage loan with, or on behalf of, an immediate family member
of the individual;



(3)  Any individual who offers or negotiates terms of
a residential mortgage loan secured by a dwelling that served 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 other mortgage loan originator or by an agent of a
lender, mortgage broker, or other mortgage loan originator;



(5)  An individual engaging solely in loan processor or
underwriter activities; provided that an individual, including an independent
contractor, who performs the services of a loan processor or underwriter shall
not represent to the public, through advertising or other means of
communicating or providing information, including the use of business cards,
stationery, brochures, signs, rate lists, or other promotional items, that the
individual can or will perform any of the activities of a mortgage loan
originator, and any loan processor or underwriter, including an independent
contractor, who advertises that the individual can or will perform any of the
activities of a mortgage loan originator or engages in the activities of a
mortgage loan originator shall not be exempt under this chapter and shall
obtain and maintain a license under this chapter and a valid unique identifier
issued by the Nationwide Mortgage Licensing System;



(6)  A person or entity that only performs real estate
brokerage activities and is licensed or registered by the State unless the
person or entity is compensated by a lender, a mortgage broker, or other
mortgage loan originator or by an agent of the lender, mortgage broker, or
other mortgage loan originator; or



(7)  A person or entity solely involved in extensions
of credit relating to timeshare plans, as the term is defined in Section
101(53D) of Title 11, United States Code. [L Sp 2009, c 32, pt of §2]