"(9m) Exempt financial institutions.
(a) In this subsection, "financial 4
institution" means a bank, a savings bank, a saving and loan association, a trust 5
company, or a credit union, whether chartered under the laws of this state, another 6
state or territory, or under the laws of the United States.
(b) This section does not apply to a financial institution with a branch office in 8
this state if one of the following applies:
1. The financial institution did not obtain more than 5 foreclosure judgments 10
on residential real property within the 12-month period proceeding the 11
commencement of an action to foreclose on a first or 2nd mortgage loan.
2. The number of foreclosure judgments on residential real property that the 13
financial institution obtained within the 12-month period proceeding the
commencement of an action to foreclose on a first or 2nd mortgage loan does not 2
exceed 3 percent of the first or 2nd mortgage loans held by the financial institution.".