Section 2 of chapter 255E of the General Laws is hereby amended by adding the following paragraph:-
The provisions of this chapter and chapter 255F shall not apply to an employee of a public charity currently registered with the office of the attorney general subject to the following conditions:
(1) The employee may not originate, broker or loan residential mortgage loans outside the scope of the employee's duties and employment at the public charity without obtaining a license required by this chapter or chapter 255F; and
(2) The employee shall act as a mortgage loan originator, broker or lender only with respect to residential mortgage loans with terms that are in the best interest of the borrower, as that term is described by criteria established by the commissioner.
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