32-9-202. Applicability -- exclusions. (1) This part is applicable to covered institutions. For entities within a holding company or affiliated group of companies, applicability is at the covered institution level.

(2) The following exclusions apply:

(a) This part does not apply to not-for-profit servicers or housing finance agencies.

(b) Section 32-9-206 does not apply to servicers solely owning or conducting reverse mortgage servicing, or the reverse mortgage portfolio administered by covered institutions or the whole loan portion of portfolios.

(c) A servicer with 25 or fewer loans, a servicer that is wholly owned and controlled by one or more depository institutions regulated by a state or federal banking agency, or a servicer that is also licensed as an escrow business may apply to the department to waive or adjust one or more of the financial condition requirements in 32-9-206. In considering such a request, the department shall consider whether the servicer has a positive net worth and adequate operating reserves.