2006 Alabama Code - Section 5-25-3 — Persons excluded.

The following persons are not subject to the provisions of this chapter:

(1) Banks chartered by this state or any other state, banks chartered by the United States, bank holding companies and subsidiaries of bank holding companies, trust companies, savings or building and loan associations, savings banks and other thrift institutions, credit unions, life insurance companies, any affiliates or related companies of life, mutual, or property and casualty insurance companies, or affiliates of insurance holding companies, and all other affiliates of each of the above persons if more than 50 percent of the affiliate's shares or other ownership interests are owned or controlled by such person, and federally or state constituted agencies.

(2) Any person licensed under Section 5-19-22.

(3) An attorney licensed to practice law in Alabama who is not principally engaged in negotiating mortgage loans when the attorney renders services in the course of his or her practice as an attorney.

(4) Any person performing any act relating to mortgage loans under order of any court.

(5) A natural person:

a. Who is employed by a licensed mortgage broker or any person exempted from the licensing requirements of this chapter when acting within the scope of employment with the licensee or exempted person; or

b. Who solicits mortgage loans exclusively on behalf of a licensed mortgage broker or any person exempted from the licensing requirements of this chapter when the natural person is acting within the scope of the agency of the licensee or exempted person.

(6) A person engaged as a mortgage loan broker performing the activities set forth in Amendment 154 to the Constitution of Alabama of 1901, and not otherwise within the definition of mortgage broker set forth in subdivision (9) of Section 5-25-2.

(7) A person who is an approved mortgagee under the provisions of the National Housing Act and all branches, offices, and locations in Alabama.

(8) Any person who has acted as a mortgage broker on no more than one mortgage loan during the preceding calendar year.

(9) Any person who acts as a mortgage broker for mortgage loans to the person's employees, or officers or directors of such person or, if applicable, such person's employer or its affiliates with respect to those mortgage loans.

(10) Any securities broker-dealer registered with the federal Securities and Exchange Commission.

(11) Any person who sells goods or services on credit secured by any security interest in or any lien on any interest in real property located in Alabama, and who does not also make, or directly or indirectly solicit, process, place, or negotiate for a borrower, loans of money secured by a security interest in or lien on any interest in real property located in Alabama.

(12) Any licensed real estate salesperson or broker who provides mortgage loan assistance in the course of doing business.

(13) Any person acting as an officer, director, employee, agent, or producer of any affiliates or related companies of life, mutual, or property and casualty insurance companies, or affiliates of insurance holding companies, or any persons acting as an officer, director, employee, or agent of any bank, affiliate of a bank, bank holding company, subsidiary of a bank holding company, or of any other person specified as not subject to this chapter in subdivision (1).

(Act 2001-692, p. 1439, §3.)