[§454M-3]  Exemptions.  This
chapter shall not apply to the following:



(1)  Any persons chartered or authorized under the
laws of any state or federal law to engage in the activity of an insured
depository institution as defined in Title 12 United States Code Section
1813(c)(2), including banks or savings associations, and operating subsidiaries
of an insured depository institution;



(2)  Trust companies, credit unions, insurance
companies, and financial service loan companies licensed by the State;



(3)  The Federal Deposit Insurance Corporation, in
connection with assets acquired, assigned, sold, or transferred pursuant to
Section 13(c) of the Federal Deposit Insurance Act or as receiver or
conservator of an insured depository institution;



(4)  The Federal National Mortgage Association; the
Federal Home Loan Mortgage Corporation; the Federal Deposit Insurance
Corporation; the United States Department of Housing and Urban Development, and
the Government National Mortgage Association and the Federal Housing Administration,
and cases in which a mortgage insured under the National Housing Act, 12 United
States Code Section 1701 et seq., is assigned to the United States Department
of Housing and Urban Development; the National Credit Union Administration; the
Farmers Home Administration or its successor agency under Public Law 103-354;
and the Department of Veterans Affairs, in any case in which the assignment,
sale, or transfer of the servicing of the mortgage loan is preceded by
termination of the contract for servicing the loan for cause, commencement of
proceedings for bankruptcy of the servicer, or commencement of proceedings by
the Federal Deposit Insurance Corporation for conservatorship or receivership
of the servicer or an entity by which the servicer is owned or controlled; and



(5)  Any person making or acquiring contemporaneously
no more than five residential mortgage loans with that person's own funds for
that person's own investment. [L 2009, c 106, pt of §1]