§ 32-9-202

32-9-202. Applicability -- exclusions. (1) This part is applicable to covered institutions. For entities within a holding company or affiliated group of companies, applicability is at the covered institution level. (2) The following exclusions apply: (a) This part does not apply to not-for-profit servicers or housing finance agencies. (b) Section 32-9-206 does not apply to servicers solely owning or conducting reverse mortgage servicing, or the reverse mortgage portfolio administered by covered institutions or the whole loan portion of portfolios. (c) A servicer with 25 or fewer loans, a servicer that is wholly owned and controlled by one or more depository institutions regulated by a state or federal banking agency, or a servicer that is also licensed as an escrow business may apply to the department to waive or adjust one or more of the financial condition requirements in 32-9-206. In considering such a request, the department shall consider whether the servicer has a positive net worth and adequate operating reserves. History: En. Sec. 2, Ch. 4, L. 2023.