70D-2-103 - Exemptions.
70D-2-103. Exemptions.
This chapter does not apply to:
(1) a bona fide nonprofit corporation that grants a first mortgage loan to promote homeownership for low and moderate income borrowers;
(2) an agency of the following that grants a first mortgage loan under a specific federal orstate law:
(a) the federal government;
(b) a state, county, or municipal government; or
(c) a quasi-governmental agency;
(3) a casual lender that makes less than five mortgage loans a year; or
(4) a mortgage loan of two years or less.
Renumbered and Amended by Chapter 72, 2009 General Session