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An Act To Exempt Certain Mortgage Loan Originators from Licensing
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  9-A MRSA §13-103, sub-§2, ¶G  is enacted to read:
 
G.  An individual who offers or negotiates terms of a residential mortgage loan secured by real property owned by that individual and being transferred to the mortgagor upon which real property the mortgagor intends to build a residence.
 
SUMMARY
Current law requires a person who provides a loan secured by real property to be licensed as a mortgage loan originator; there are certain specified exemptions, including one for an individual who sells a dwelling that serves as the individual’s residence. This bill adds another exemption for an individual who sells residential real estate to another individual who intends to construct a dwelling on that real estate for residential use.