§ 13-10-03 — License and registration required

1. An individual, unless specifically exempted from this chapter under subsection 2, shall
not engage in the business of a mortgage loan originator with respect to any dwelling
located in this state without first obtaining and maintaining annually a license under
this chapter. Each licensed mortgage loan originator must register with and maintain a
valid unique identifier issued by the nationwide mortgage licensing system and
registry.
2. The following are exempt from this chapter:
a. Registered mortgage loan originators, when acting for an entity described in
subdivision a of subsection 11 of section 13-10-02 are exempt from this chapter.
b. Any individual who offers or negotiates terms of a residential mortgage loan with
or on behalf of an immediate family member of the individual.
c. Any individual who offers or negotiates terms of a residential mortgage loan
secured by a dwelling that served as the individual's residence.
d. A licensed attorney who negotiates the terms of a residential mortgage loan on
behalf of a client as an ancillary matter to the attorney's representation of the
client, unless the attorney is compensated by a lender, a mortgage broker, or
other mortgage loan originator or by any agent of such lender, mortgage broker,
or other mortgage loan originator.
e. An individual who is an employee of a federal, state, or local government agency
or housing finance agency and who acts as a loan originator solely pursuant to

that individual's official duties as an employee of the federal, state, or local
government agency or housing finance agency in compliance with title 12, Code
of Federal Regulations, part 1008, section 1008.103(e)(6).
f. An individual who is an employee of a bona fide nonprofit organization who acts
as a loan originator solely with respect to that individual's work duties to the
bona fide nonprofit organization, and who acts as a loan originator solely with
respect to residential mortgage loans with terms that are favorable to the
borrower in compliance with title 12, Code of Federal Regulations, part 1008,
section 1008.103(e)(7).
3. A loan processor or underwriter who is an independent contractor may not engage in
the activities of a loan processor or underwriter unless such independent contractor
loan processor or underwriter obtains and maintains a license under subsection 1.
Each independent contractor loan processor or underwriter licensed as a mortgage
loan originator must have and maintain a valid unique identifier issued by the
nationwide mortgage licensing system and registry.
4. To implement an orderly and efficient licensing process, the commissioner may
establish licensing rules or regulations and interim procedures for licensing and
acceptance of applications. For previously registered or licensed individuals, the
commissioner may establish expedited review and licensing procedures.