(a) General. An individual, unless specifically exempted from this Act under Subsection (c) of this Section, shall not engage in the business of a mortgage loan originator with respect to any dwelling located in Guam without first obtaining and maintaining annually a license under this Act. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.

(b) Effective Date. In order to facilitate an orderly transition to licensing and to minimize disruption in the mortgage marketplace, the effective date for Subsection (a) of this Section shall be July 31, 2010, or such later date approved by the Secretary of the U.S. Department of Housing and Urban Development, pursuant to the authority granted under Public Law
110-289, Section 1508(a).
(c) Exemption from this Act. The following are exempt from this Act: (1) Registered Mortgage Loan Originators, when acting for an
entity described in § 36303(n);

(2) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;

(3) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence; or

(4) A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is

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compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.

(d) Independent Contractor Loan Processors or Underwriters. A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter obtains and maintains a license under § 36304(a). Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.

(e) Commissioner Authority to Establish Licensing Rules, Regulations or Interim Procedures and Accept Early Applications. For the purposes of implementing an orderly and efficient licensing process, the Commissioner may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications, pursuant to the Administrative Adjudication Law. For previously registered or licensed individuals, the Commissioner may establish expedited review and licensing procedures, pursuant to the Administrative Adjudication Law.