§454M-3 Exemptions.

351 words·~2 min read·/hi/454m-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§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;

(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; and

(6)A developer of a time share plan, or an affiliated entity of a developer of a time share plan, servicing a loan that is:

(A)Made by the developer or the developer's affiliated entity; and

(B)Secured by a lien on a time share interest. [L 2009, c 106, pt of §1; am L 2016, c 122, §21]