Exception for owner financers with respect to loan originator license or registration requirements

Section 1504 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5103) is amended by adding at the end the following: (c) Exception for owner financers The requirements of this title shall not apply to any person (other than a depository institution) who— (1) extend credit with respect to not more than 24 residential mortgage loans in a 12-month period; and (2) only extend credit with respect to residential mortgage loans that are with respect to property that is owned by such person..