LENDERS: 10 OR FEWER LOANS PER YEAR EXEMPTION DISCLAIMER: This chart does not constitute legal advice and no one should rely upon the information in this chart. Call the state agency regulating each of these states and confirm that the Exemption exists and whether any type of permission or registration is also required to activate the Exemption.
 AR  6 Any person (defined as an individual, corporation, partnership, association, joint-stock company, trust [where the interests of the beneficiaries are evidenced by a security], unincorporated organization, government or political subdivision of a government) that obtains, makes, purchases, places, sells, exchanges or services, in the aggregate, fewer than six loans secured by liens or mortgages on real property located in Arkansas within any ten-year period. [The offer to make, sell, exchange, place, obtain or service a loan is considered a transaction in its own right (Ark. Secs. Dept. Memo dated 3/28/97 addressed to all registered or exempt mortgage loan companies and loan brokers).]
 AK  - No mortgage lender license required to make 1st and 2nd mortgage loans
 AL  5 Persons making five or less mortgages in the preceding calendar year.
 AZ  0 WHOLESALE EXEMPTION A person who funds a mortgage loan which has been originated and processed by a licensee, a mortgage broker licensed in Arizona or by a person exempt under the first bullet point, who meets all of the following:- Does not maintain a place of business in Arizona in connection with funding mortgage loans.- Does not directly or indirectly solicit borrowers in Arizona for the purpose of making mortgage loans.- Does not participate in the negotiation of mortgage loans.
 CA  0  
 CO  - No mortgage lender license required to make 1st mortgage loans
 CT  5 Persons granting five or fewer first mortgage loans within any period of twelve consecutive months.

DC
 0
 DE  5 Persons who do not make more than five loans within any 12-month period.
 FL  0  
 GA  5 Any natural person who makes five or fewer mortgage loans in any one calendar year. In order to qualify each such exempt mortgage loan must be pre-approved by calling Larry Shelley, Supervisory Manager - Regulation 770-986-1372
 IL  0  
 IN  -

No mortgage lender license required to make 1st mortgage loans

for 2nd mortgages, 5 mortgage loans in a one year period

 KS  0  
 KY  4 Persons making less than five mortgage loans per year
 MD  3 Any person who makes three or fewer mortgage loans per calendar year and brokers no more than one mortgage loan per calendar year.
 MA  5 A mortgage lender making fewer than five mortgage loans within any period of 12 consecutive months (the number of loans includes those made by entities owned or controlled by the lender).
 ME  5  A person that made 5 or less mortgage loans in the preceding calender year unless:-The person originates 2 or more high-rate, high-fee mortgages in a 12-month period; or-The person originates one or more high-rate, high-fee mortgages through a credit services organization in a 12-month period.-"High-rate, high-fee mortgage" means a consumer credit transaction that is secured by the consumer's principal dwelling, other than a residential mortgage transaction, a reverse mortgage transaction or a transaction under an open-end credit plan, if:-The annual percentage rate at consummation of the transaction exceeds by more than 10 percentage points the yield on treasury securities having comparable periods of maturity on the 15th day of the month immediately preceding the month in which the application for the extension of credit is received by the creditor; or-The total of the points and fees payable by the consumer at or before closing exceeds the greater of 8% of the total loan amount or $400.
 MI  10 A mortgage lender that in the aggregate with its affiliates makes ten or fewer mortgage loans in a 12-month period from July 1 to June 30.
 MO  0  
 MN  0  
 MS  0 WHOLESALE EXEMPTION: Any person who funds a mortgage loan which has been originated and processed by a licensee, by a mortgage company licensed under this act or by a person who is exempt under this section and who meets all of the following:- Does not maintain a place of business in this state in connection with funding mortgage loans;- Does not directly solicit borrowers in this state for the purpose of making mortgage loans; and- Does not participate in the negotiation of mortgage loans.
 MT  - No mortgage lender license required to make 1st mortgage loans
 NJ  1? A person making, acquiring or selling mortgage loans for private investment or gain and not in the regular course of business (only a person not engaged in the financial services industry who makes one or two mortgage loans in a calendar year, or a person employed in the financial services industry who makes one or two private mortgage loans in a calendar year outside of his employment, shall qualify).
 NV  0  
 NY  5 Person making less than five or more mortgage loans in a year (does not apply to brokering loans).
 NC  0
 NE  0  
 OR  0  
 PA  0 Person who originates or negotiates less than three mortgages a year in Pennsylvania unless he is otherwise deemed to be engaged in the first mortgage loan business.
 RI  5 Any person who makes less than six loans in Rhode Island in any consecutive 12-month period (but no similar exemption for brokers).
 SC  - No mortgage lender license required to make 1st mortgage loans
 TN  5 Any person who makes five or fewer mortgage loans within any 12-month period.
 VA 3 Lenders making ten or fewer mortgage loans in any period of 3 consecutive months.
 WA  0  
 WY  - No mortgage lender license required to make 1st mortgage loans