(1)
(a) On or after January 1, 2011, except as provided in Subsection (2), an individual described in Subsection (1)(b) may not engage in the business of a loan originator unless that individual:
(i) is licensed under this chapter; or
(ii) is a registered loan originator.
(b) This Subsection (1) applies to an employee or agent of:
(i) a depository institution;
(ii) a subsidiary of a depository institution; or
(iii) an affiliate of a depository institution.
(2) An individual described in Subsection (1)(b) may engage in the business of a loan originator without being licensed under this chapter or a registered loan originator when acting as a loan processor or underwriter.