54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement.
The following are exempt from the requirement of obtaining a mortgage loan originator license:
(1)Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;
(2)Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence; or
(3)Any individual who, on, before, or after July 1, 2017, offers or negotiates terms of five or fewer nonresidential mortgage loans in a twelve-month period as long as the total amount of the loans outstanding does not exceed four million dollars.
Source: SL 2009, ch 251, §23; SL 2012, ch 237, §1; SL 2017, ch 207, §2.
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.