§ 13-12-04 — Entities exempted from licensing requirements

This chapter does not apply to:
1. Banks;
2. Credit unions;
3. Savings and loan associations;

4. Insurance companies;
5. Individuals licensed under chapter 13-10 solely pursuant to the individual's official
duties as a mortgage loan originator;
6. State or federal agencies and employees of state or federal agencies solely pursuant
to the individual's official duties as an employee of the state or federal agency;
7. Institutions chartered by the farm credit administration;
8. Trust companies;
9. A real estate broker, broker, or a real estate salesperson as defined in section
43-23-06.1 in the brokering of loans to assist a person in obtaining financing for real
estate sold by the real estate broker, broker, or real estate salesperson;
10. A certified development corporation that qualifies as a nonprofit entity under section
501(c)(3) of the federal Internal Revenue Code [26 U.S.C. 501(c)(3)] in the offers of:
a. Loan products primarily limited to the small business administration, United
States department of agriculture, or other government loan products; or
b. Nongovernmental loan products that are limited to loans to promote community
development or home ownership, and these loans are offered with favorable
terms including an interest rate at or below the wall street journal prime rate and
loan fees of less than a quarter percent of the loan origination balance; or
11. A nonprofit corporation that qualifies as a nonprofit entity under section 501(c)(3) of the
Internal Revenue Code [26 U.S.C. 501(c)(3)] which is not primarily in the business of
soliciting or brokering loans, if the nonprofit corporation makes five or fewer loans in a
given calendar year, makes these loans to promote community development or home
ownership, and offers these loans on favorable terms, including an interest rate at or
below the wall street journal prime rate and loan fees of less than a quarter percent of
the loan origination balance.