(a) An individual, unless specifically exempted under subsection (b), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license issued by the commissioner and without first being sponsored in accordance with § 45-13-303. Each individual must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry in order to qualify for a mortgage loan originator license. The issuance of a mortgage lender or mortgage loan broker license to an individual does not exempt that individual from the requirements of this section.

(b) Registered mortgage loan originators, as defined in § 45-13-105, as well as any individuals described in § 45-13-201(b), are exempt from this chapter.

(c) An individual engaging solely in loan processor or underwriter activities shall not represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator.

(d) A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless the independent contractor loan processor or underwriter obtains and maintains a mortgage loan originator license issued under this part.

(e) Any individual acting as a loss mitigation specialist shall not be required to comply with the licensing requirements of this section until July 30, 2011, or such other date as may be determined by the commissioner with the approval or consent of the United States department of housing and urban development. A loss mitigation specialist may refer a mortgagor to a mortgage loan originator for purposes of refinancing the residential mortgage loan without the requirement of a license under this part; provided, that the loss mitigation specialist does not receive any compensation or gain for the referral; and provided, further, that the referral is made in accordance with any applicable state and federal law.

(f) A mortgage loan originator license is not required for any individual performing the activities of a manufactured home retailer or a dealer of modular building units; provided, that:

(1) The individual either holds or is employed by a person who holds a manufactured home retailer license or a license to act as a dealer of modular building units that has been issued by the commissioner of commerce and insurance under title 68, chapter 126;

(2) The individual does not in any way offer or negotiate terms of a residential mortgage loan, including by counseling with respect to such terms;

(3) Neither the individual, nor the employing manufactured home retailer or dealer of modular building units, receives compensation or other gain from a mortgage lender, mortgage loan broker or mortgage loan originator, or by any agent of the mortgage lender, mortgage loan broker or mortgage loan originator; and

(4) This subsection (f) shall not apply if the United States department of housing and urban development determines by guideline, rule, interpretative letter or otherwise that the individuals must be licensed under the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, compiled in 12 U.S.C. § 5101 et seq., or that this subsection (f) is otherwise inconsistent with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.