[§454F-25]  Nonprofit organizations; mortgage loan originators.  (a)  An employee who performs mortgage loan originator activities for a nonprofit organization is exempt from registration and licensure as a mortgage loan originator; provided that:

     (1)  The employee's actions are part of the employee's duties as an employee of the nonprofit organization;

     (2)  The employee only provides mortgage loan originator services with respect to residential mortgage loans with terms favorable to the borrower; and

     (3)  The nonprofit organization registers with the Nationwide Mortgage Licensing System and Registry.

     (b)  The commissioner shall periodically examine the books and activities of nonprofit organizations as defined in section 454F-1 and shall revoke an organization's registration as a nonprofit organization with the Nationwide Mortgage Licensing System and Registry if the nonprofit organization fails to meet the requirements to be a nonprofit organization.

     (c)  In determining whether a residential mortgage loan has terms favorable to the borrower, the commissioner shall examine:

     (1)  The interest rate that the home loan would carry;

     (2)  The charges that are imposed on the borrower for origination, application, closing, and other costs;

     (3)  Whether the mortgage includes any predatory characteristics;

     (4)  The borrower's ability to repay the loan; and

     (5)  The term of the mortgage. [L 2012, c 252, pt of §1]