§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 NMLS.

     (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 NMLS 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; am L 2014, c 9, §7 and c 198, §11]