(a) A licensee that is a finance lender may sell to an institutional lender, or an institutional investor described in section 879(b)(6), promissory notes evidencing the obligation to repay federally related mortgage loans, as defined in 24 C.F.R. 3500.2 purchased from and made by an institutional lender and may make agreements for the collection of payments and performance of services with respect to those notes. For purposes of this section, “institutional lender” means any bank, trust company, savings bank or savings and loan association, federal credit union, industrial loan company or residential mortgage lender doing business under the authority of and in accordance with a license, certificate or charter issued by the United States or this Territory.
(b) In the absence of agreement to the contrary by the licensee and the institutional investor or institutional lender, all payments received from the collection of payments must be deposited and maintained in a trust account and must be disbursed from the trust account only in accordance with the instructions of the owner of the promissory note.