State Codes and Statutes

Statutes > Nebraska > Chapter45 > 45-703

45-703. Act; exemptions.(1) Except as provided in section 45-704, the following shall be exemptfrom the ResidentialMortgage Licensing Act:(a) Any depository institution orwholly owned subsidiary thereof;(b) Any registered bank holding company;(c)Any insurance company that is subject to regulation by the Department of Insuranceand is either (i) organized or chartered under the laws of Nebraska or (ii)organized or chartered under the laws of any other state if such insurancecompany has a place of business in Nebraska;(d) Anyperson licensed to practice law in this state who negotiates the terms of a residentialmortgage loan on behalf of a client as an ancillary matter to the attorney'srepresentation of the client unless the attorney is compensated by a lender,a mortgage broker, or other mortgage loan originator or by any agent of suchlender, mortgage broker, or other mortgage loan originator;(e) Any person licensed in this state as a real estate broker or realestate salesperson pursuant to section 81-885.02 who is engaging in real estate brokerage activities unless suchperson is compensated by a lender, a mortgage broker, or other mortgage loanoriginator or by any agent of such lender, mortgage broker, or other mortgageloan originator;(f) Any registered mortgage loan originator when acting for anentity described in subdivision (23)(a)(i), (ii), or (iii) of section 45-702;(g) Any sales finance company licensed pursuantto the Nebraska Installment Sales Act if such sales finance company does notengage in mortgage banking business in any capacity other than as a purchaseror servicer of an installment contract, as defined in section 45-335, whichis secured by a mobile home or trailer;(h) Any trust company chartered pursuant to theNebraska Trust Company Act;(i) Any wholly owned subsidiary of an organization listed in subdivisions(b) and (c) of this subsection if the listed organization maintains a placeof business in Nebraska;(j) Any individual who offers or negotiates terms of a residentialmortgage loan with or on behalf of an immediate family member of the individual;(k) Any individual who offers or negotiates terms of a residentialmortgage loan secured by a dwelling that served as the individual's residence;and(l) Any employee or independentagent of a mortgage banker licensed or registered pursuant to the ResidentialMortgage Licensing Act or exempt from the act if such employee or independentagent does not conduct the activities of a mortgage loan originator or loanprocessor or underwriter.(2) It shall not be necessaryto negate any of the exemptions provided in this section in any complaint,information, indictment, or other writ or proceedings brought under the act,and the burden of establishing the right to any exemption shall be upon theperson claiming the benefit of such exemption. SourceLaws 1989, LB 272, § 6; Laws 1999, LB 396, § 31; Laws 2002, LB 957, § 22; Laws 2005, LB 533, § 50; Laws 2008, LB851, § 20; Laws 2009, LB328, § 5. Cross ReferencesNebraska Installment Sales Act, see section 45-334.Nebraska Trust Company Act, see section 8-201.01.