(a)  No person shall act as a third-party loan servicer, directly or indirectly, for a loan to a Rhode Island borrower without first obtaining a license under this chapter from the director, or the director’s designee.

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(b)  No license shall be required of:

(1)  A depository institution, or an affiliate or subsidiary of a depository institution, that is controlled by, or under common control with, the depository institution and subject to the regulatory authority of the primary regulator of the depository institution.

(2)  A lender licensed under chapter 14 of Title 19 that retains the servicing rights on a loan originally closed in the lender’s name and subsequently sold, in whole or in part, to a third party, provided that the provisions of §§ 19-14.11-2 (segregated accounts) and 19-14.11-4 (prohibited acts and practices) of this chapter shall apply to such lender.

(3)  A debt-management company licensed in this state when engaged in activities permitted pursuant to its debt-management license.

(4)  An attorney licensed in this state when collecting a debt on behalf of a client.

(5)  Bona-fide nonprofit, organizations, exempt from taxation under section 501(c) of the Internal Revenue Code, that are approved by the Department of Housing and Urban Development as housing counseling agencies; that have a physical location in Rhode Island; and that lend state or federal funds.