32-10-207. Exemption from licensing. The following are not subject to the licensing provisions of this chapter:
     (1) A person is exempt who is doing business under the laws of this state, another state, or the United States as a financial institution. Wholly owned operating subsidiaries of an exempt financial institution are also exempt.
     (2) A person is exempt who is engaged solely in nonresidential or commercial real estate lending.
     (3) A person is exempt who does not make more than five mortgage loans with the person's own funds for the person's own investment during any 12-month period and who does not represent to the public in any manner that the person is in the mortgage lending business.
     (4) An individual is exempt who assists in the performance of the activities regulated by this chapter as an employee or independent contractor of a licensee or exempt person. A licensee is responsible for the actions of an independent contractor under the licensee's license and bond.
     (5) An agency of a federal, state, or municipal government is exempt.
     (6) An employee or employer pension plan is exempt if the plan makes mortgage loans only to the plan's participants.
     (7) A person is exempt who is acting in a fiduciary capacity conferred by the authority of any court except for a person subject to an injunction to comply with a provision of this chapter or subject to an order of the department issued under this chapter.
     (8) A person is exempt who is licensed under Title 32, chapter 9, if the person is engaged solely in the business of mortgage brokering and does not advance funds, offer to advance funds, or commit to advancing funds.
     (9) A person is exempt who is a retail seller, as defined in 31-1-202, if the person complies with the provisions of Title 31, chapter 1, part 2.
     (10) A person is exempt who sells the person's own real property.

     History: En. Sec. 8, Ch. 369, L. 2007.