70D-3-201. Licensing required -- Exemptions.
(1) On or after January 1, 2011, except as provided in Subsection, an individual described in Subsectionmay not engage in the business of a loan originator unless that individual: (2) (1)(b) is licensed under this chapter; or is a registered loan originator. This Subsectionapplies to an employee or agent of: (1) a depository institution; a subsidiary of a depository institution; or an affiliate of a depository institution.
(2) An individual described in Subsectionmay engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter. (1)(b)