This section says the article does not apply to several listed types of people and entities, including institutional investors and certain regulated lenders and organizations.
6-972 - Exemptions 6-972 . Exemptions This article does not apply to: 1. Institutional investors. 2. A person who funds a commercial mortgage loan that was originated and processed by a licensee or by an institutional investor and who meets all of the following conditions: (a) Does not maintain a place of business in this state in connection with funding commercial mortgage loans. (b) Does not directly or indirectly solicit borrowers in this state for the purpose of making commercial mortgage loans. (c) Does not participate in negotiating commercial mortgage loans. For purposes of this subdivision, "negotiating commercial mortgage loans" does not include setting the terms under which a person may buy or make a commercial mortgage loan originated by a licensee, a mortgage banker or a mortgage broker licensed pursuant to article 1 or 2 of this chapter, or an institutional investor. 3. A person who as a seller of commercial property receives one or more mortgages or deeds of trust as security for a purchase money obligation. 4. A person who is licensed to practice law in this state but is not actively and principally engaged in the business of negotiating commercial mortgage loans, if this person renders services in the course of his practice as an attorney at law. 5. A person who receives a mortgage or deed of trust on commercial property as security for an obligation payable on an installment or deferred payment basis and arising out of materials furnished or services rendered in improving that commercial property or any lien created without the consent of the owner of commercial property. 6. A person who is licensed pursuant to article 1 or 2 of this chapter. 7. An agency of any state or of the United States. 8. A nonprofit federally tax exempt corporation certified by the United States small business administration, organized to promote economic development in this state and whose primary activity consists of providing financing for business expansion. 9. A bank, savings bank, trust company, savings and loan association, profit sharing trust, pension trust, credit union, insurance company, consumer lender or receivership if it is regulated by this state, another state, the United States or a court with respect to its commercial mortgage business.