54-14-12.2. Mortgage loan originator defined.
For the purposes of this chapter, the term, mortgage loan originator, means an individual who for compensation or gain or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan.
A mortgage loan originator does not include:
(1)An individual engaged solely as a loan processor or underwriter except as otherwise provided in §54-14-12.1
(2)An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; or
(3)Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. §101(53D) as of January 1, 2009.
Source: SL 2009, ch 251, §3.
Structure South Dakota Codified Laws
Title 54 - Debtor and Creditor
Chapter 14 - Mortgage Lender Business
Section 54-14-12 - Definitions.
Section 54-14-12.1 - Loan processor or underwriter defined.
Section 54-14-12.2 - Mortgage loan originator defined.
Section 54-14-12.3 - Real estate brokerage activity defined.
Section 54-14-12.4 - Registered mortgage loan originator defined.
Section 54-14-13.3 - Effective dates of §§54-14-13.1 and 54-14-13.2.
Section 54-14-14 - Application for licensure or registration.
Section 54-14-17 - License and registration not assignable.
Section 54-14-18 - Expiration of license or registration.
Section 54-14-19 - Fees for renewal of license.
Section 54-14-20 - Exemption of certain entities from chapter.
Section 54-14-20.1 - Exemption of certain persons from mortgage loan originator license requirement.
Section 54-14-20.2 - Exemption of attorneys from mortgage loan originator license requirement.
Section 54-14-21 - Exemption of certain entities from licensing requirements.
Section 54-14-23 - Mortgage broker or lender permitted to use services of mortgage loan originator.
Section 54-14-24 - Surety bond requirements.
Section 54-14-25 - Violation of license or registration requirements--Misdemeanor.
Section 54-14-25.1 - Civil penalty for acting without required license or registration.
Section 54-14-26 - Examination and investigation by director.
Section 54-14-27 - Conditioning, denial, nonrenewal, suspension, or revocation of license.
Section 54-14-29 - Procedure for contesting suspension or revocation.
Section 54-14-30 - Annual tax upon net income--Exemptions.
Section 54-14-31 - Promulgation of rules regarding licensing, education, and fees.
Section 54-14-32 - Disposition of fees.
Section 54-14-33 - Contracts with nationwide mortgage licensing system.
Section 54-14-35 - Sharing of information.
Section 54-14-36 - Reports of condition--Promulgation of rules.
Section 54-14-37 - Reports of violations and enforcement.
Section 54-14-38 - Improper influence on real estate appraisals prohibited--Grounds for discipline.
Section 54-14-39 - Conduct not constituting improper influence on real estate appraisals.