Financial Institution Mortgage Financing Regulation Act
Mortgage Lending and Servicing Act
Section 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 home ownership for low and moderate income borrowers;
     (2) an agency of the following that grants a first mortgage loan under a specific federal or state 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
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