An Act To Exempt Certain Mortgage Loan Originators from Licensing
Sec. 1. 9-A MRSA §13-103, sub-§2, ¶G is enacted to read:
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.