Transaction of business by out-of-state financial institutions; exempt transactions.

(1) The financial institutions codes do not prohibit a financial institution or business trust that has its principal place of business outside this state and that does not operate branches in this state from:

(a) Contracting in this state with any person to acquire from such person a part, or the entire, interest in a loan that such person makes, together with a like interest in any security instrument covering real or personal property in the state given to such person to secure or evidence such loan.

(b) Entering into mortgage servicing contracts with persons authorized to transact business in this state and enforcing in this state the obligations acquired by it in the transaction of business outside this state or in the transaction of any business authorized by this section.

(c) Acquiring, holding, leasing, mortgaging, contracting with respect to, or otherwise protecting, managing, or conveying property in this state which is assigned, transferred, mortgaged, or conveyed to it as security for, or in whole or in part in satisfaction of, a loan or loans made by it or obligations acquired by it in the transaction of any business authorized by this section.

(d) Making loans or committing to make loans to any person located in this state and soliciting compensating deposit balances in connection therewith.

(e) Filing suit in any court in this state to collect any debt or foreclose on any security interest in collateral securing a debt.

(2) A financial institution or business trust may not be deemed to be transacting business in this state, or be required to qualify to do so, solely by reason of the performance of any of the acts or business authorized in this section.