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.