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