TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-202.  exemptions. The provisions of this part do not apply to:

(1)  Agencies of the United States and agencies of this state and its political subdivisions;

(2)  An owner of real property who offers credit secured by a contract of sale, mortgage, or deed of trust on the property sold;

(3)  A loan that is made by a person to an employee of that person if the proceeds of the loan are used to assist the employee in meeting his housing needs;

(4)  Regulated lenders licensed under the Idaho credit code and regularly engaged in making regulated consumer loans other than those secured by a security interest in real property;

(5)  Trust companies as defined in section 26-3203, Idaho Code;

(6)  Any person licensed or chartered under the laws of any state or of the United States as a bank, savings and loan association, credit union, or industrial loan company. The terms "bank," "savings and loan association," "credit union," and "industrial loan company" shall include employees and agents of such organizations as well as wholly owned subsidiaries of such organizations, provided that the subsidiary is regularly examined by the chartering state or federal agency for consumer compliance purposes;

(7)  Attorneys duly authorized to practice in this state, to the extent that they are retained by their clients to engage in activities authorized by this part and such activities are ancillary to the attorney’s representation of the client;

(8)  Accountants with an active license under chapter 2, title 54, Idaho Code, provided that they are retained by their clients to engage in activities authorized by this part and such activities are ancillary to the representation of the client;

(9)  Persons employed by, or who contract with, a licensee under this part to perform only clerical or administrative functions on behalf of such licensee and who do not solicit borrowers or negotiate the terms of loans on behalf of the licensee;

(10) Any person not making more than five (5) residential mortgage loans with his own funds for his own investment, in any period of twelve (12) consecutive months; or

(11) Any person who funds a residential mortgage loan that has been originated and processed by a licensee under this part or by an exempt person under this part, who does not directly or indirectly solicit borrowers in this state for the purpose of making residential mortgage loans, and who does not participate in the negotiation of residential mortgage loans with the borrower. For the purpose of this subsection, "negotiation of residential mortgage loans" does not include setting the terms under which a person may buy or fund a residential mortgage loan originated by a licensee under this part or an exempt person under this part.

History:

[26-31-202, added 2009, ch. 97, sec. 2, p. 289; am. 2013, ch. 64, sec. 4, p. 144; am. 2020, ch. 100, sec. 5, p. 263.]