(

a) No person shall engage in the business of a finance lender or broker without obtaining a license from the commissioner. (

b) Every licensee engaging in the business of making or brokering residential mortgage loans shall require that every mortgage loan originator employed or compensated by that licensee obtains and maintains a mortgage loan originator license from the commissioner under this division or Division 20 (commencing with

Section 50000), or has first obtained a license endorsement from the Commissioner of Real Estate pursuant to

Article 2.1 (commencing with

Section 10166.01) of

Chapter of Part of Division of the Business and Professions Code. (

c) A finance lender or broker shall not employ a mortgage loan originator whose license or license endorsement has lapsed. (

d) A finance lender or broker may not make or broker a residential mortgage loan unless that loan is offered by, negotiated by, or applied for through a licensed mortgage loan originator. (

e) Every licensee engaged in the business of making or brokering residential mortgage loans and every mortgage loan originator licensed under this division shall register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry. (

f) An individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license in accordance with the requirements of this division and any rules promulgated by the commissioner under this chapter. (

g) A registered mortgage loan originator, as defined in subdivision (

c) of

Section 22013, is exempt from licensure under this

section when he or she is employed by:

(1) A depository institution.

(2) A subsidiary of a depository institution that is owned and controlled by a depository institution and regulated by a federal banking agency.

(3) An institution regulated by the Farm Credit Administration.