§454F-25 Nonprofit organizations; mortgage loan originators. (a) An employee who performs mortgage loan originator activities for a nonprofit organization is exempt from registration and licensure as a mortgage loan originator; provided that:
(b) The commissioner shall periodically examine the books and activities of nonprofit organizations as defined in section 454F-1 and shall revoke an organization's registration as a nonprofit organization with NMLS if the nonprofit organization fails to meet the requirements to be a nonprofit organization.
(c) In determining whether a residential mortgage loan has terms favorable to the borrower, the commissioner shall examine:
(d) A nonprofit organization shall designate an employee who shall have the duty to directly manage and supervise the mortgage loan origination activity of the nonprofit organization, including: