54-14-21. Exemption of certain entities from licensing requirements.
The following entities are exempt from the requirement of a mortgage lender, mortgage brokerage, or mortgage broker license as required by this chapter:
(1)Any state bank and its subsidiary;
(2)Any national bank and its subsidiary;
(3)Any bank holding company and its subsidiary;
(4)Any other federally insured financial institution, and its holding company and subsidiary; and
(5)Any South Dakota chartered trust company.
Any registered mortgage loan originator, if acting for a depository institution, is exempt from the provisions of this chapter.
Source: SL 2007, ch 279, §10; SL 2009, ch 251, §12.
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.