Title 54 — DEBTOR AND CREDITOR

Source: SL 2007, ch 279 , § 22.

Terms used in this chapter mean: (1) "Depository institution," the same meaning as provided in 12 U.S.C. § 1813(c) as of January 1, 2009, and includes any credit union; (2) "Director," the director of the Division of Banking of the Department of Labor and Regulation; (3) "Divisio…

For the purposes of this chapter, the term, loan processor or underwriter, means any individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed according to this chapter, or a person ex…

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…

For the purposes of this chapter, the term, real estate brokerage activity, means any activity that involves offering or providing real estate brokerage services to the public, including: (1) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or less…

For the purposes of this chapter, the term, registered mortgage loan originator, means any individual who: (1) Meets the definition of mortgage loan originator and is an employee of: (a) A depository institution; (b) A subsidiary that is owned and controlled by a depository insti…

No person may act as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state or use the title, mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator with respect to any property located in South Dakota without …

The director may not issue a mortgage loan originator license unless the director makes the following findings: (1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal …

54-14-13.5 License required for company originating, selling, or servicing nonresidential mortgage loans. 54-14-14 Application for licensure or registration. 54-14-15 Information to be furnished to nationwide mortgage licensing system and registry--Distribution of information--Cr…

Effective dates of §§ 54-14-13.1 and

No loan processor or underwriter who is an independent contractor may engage in the activities of a loan processor or underwriter unless the loan processor or underwriter obtains and maintains a license under this chapter. Each loan processor or underwriter who is an independent …

Any company who, for valuable consideration, originates, sells, or services nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in §

Any applicant for licensure or registration shall submit to the director an application on forms prescribed by the division. The forms shall include, at a minimum, all addresses at which business is to be conducted, the names and titles of each director and principal officer of t…

In connection with an application for licensing as a mortgage lender, mortgage broker, or mortgage loan originator, the applicant shall furnish to the nationwide mortgage licensing system and registry information concerning the applicant's identity, including: (1) Fingerprints fo…

The applicant for an initial license shall submit a fee in the amount of not more than two hundred fifty dollars for a mortgage loan originator, not more than five hundred dollars for a mortgage broker or mortgage brokerage license, and not more than one thousand dollars for a mo…

No license or registration granted pursuant to this chapter is assignable. Source: SL 2007, ch 279 , § 6.

Any license or registration granted under this chapter expires on the following December thirty-first after its issuance. Source: SL 2007, ch 279 , § 7.

Any application for renewal of a license under this chapter shall be postmarked to the director by December first and shall be accompanied by a fee to be established by the director by rules promulgated pursuant to chapter 1-26 . The fee to transact business as a mortgage loan or…

The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; any nonprofit corporation formed pursuant to chapter 47-22 ; any nonprofi…

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…

Any attorney licensed in this state performing activities that come within the definition of a mortgage loan originator, is not required to be licensed as a mortgage loan originator if such activities are: (1) Considered by the South Dakota Supreme Court to be part of the authori…

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 subsidiar…

Repealed by SL 2012, ch 252 , § 29.

Any mortgage broker or mortgage lender licensed to practice in the State of South Dakota may use the services of a mortgage loan originator that operates under direct control and supervision of the mortgage broker or mortgage lender. The mortgage loan originator shall be register…

Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator shall submit with any application, and maintain at all times, a surety bond in an amount that reflects the total dollar amount of loans originated by the licensee and the licensee's employees a…

Any person, who without first obtaining a license or registration under this chapter, engages in the business or occupation of, or advertises or holds the person out as, or claims to be, or temporarily acts as, a mortgage broker, mortgage brokerage, mortgage lender, or mortgage l…

The director may impose a civil penalty in an amount not to exceed one thousand dollars upon any person acting as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state without the required license or registration. Each instance of opera…

Any licensee or registrant is subject to examination and investigation by the director. The director shall promulgate rules pursuant to chapter 1-26 that specify the process by which examinations and investigations will be performed. Source: SL 2007, ch 279 , § 15.

The director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke a license if the director finds: (1) Any fact or condition exists that, if it had existed at the time the licensee applied for its license, would have been grounds for den…

The director may, in the director's discretion, reinstate a license or registration, terminate a suspension, or grant a new license or registration to any person whose license or registration has been revoked or suspended if no fact or condition then exists which would justify th…

Any licensee whose license or registration is subject to suspension or revocation by the director, may contest such suspension or revocation in accordance with the provisions of chapter 1-26 . Source: SL 2007, ch 279 , § 18.

Any licensee under this chapter, in addition to the license and other fees provided by this chapter, shall pay the annual tax provided in chapter 10-43 , upon the net income of the licensee measured by the net income assignable to the licensee's business in South Dakota. The Stat…

The director may promulgate rules pursuant to chapter 1-26 for the pre-licensing education, written testing, continuing education, personal history, and experience checks of mortgage brokers, mortgage brokerages, mortgage lenders, and mortgage loan originators, and for the manage…

Fees collected pursuant to this chapter shall be deposited with the state treasurer in the banking special revenue fund created in §

The director may establish relationships or contracts with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to collect and maintain records and process transaction fees or other fees relate…

The director shall establish a process through rules promulgated pursuant to chapter 1-26 to allow mortgage loan originators and mortgage brokers to challenge information entered into the nationwide mortgage licensing system and registry by the director. Source: SL 2009, ch 251 ,…

The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter: (1) Except as otherwise provided in 12 U.S.C. § 5111 as of January 1, 2009, the requirements under any federal law or § 51A-2-35 regardin…

Each mortgage lender, mortgage brokerage, mortgage broker, and mortgage loan originator shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the director establishes through r…

The director shall report on a regular basis violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry subject to the provisions contained in §

No mortgage lender, mortgage broker, or mortgage loan originator, required to be licensed or registered by this chapter, with an interest in a real estate transaction or the financing of any loan secured by real estate involving an appraisal assignment may improperly influence or…

No person violates § 54-14-38 solely by asking a real estate appraiser to consider additional, appropriate property information, or to provide further detail, substantiation, or explanation for the appraiser's value conclusion, or to correct errors in the appraisal report, or by …

An employee of a licensee may work in a remote location other than the business location identified pursuant to § 54-14-14 , if the licensee: (1) Ensures in-person interactions with consumers are not conducted at the remote location and the remote location is not represented to c…