Title 54 — DEBTOR AND CREDITOR

The provisions of §§ 54-11-5 and 54-11-6.1 shall not apply to a revolving loan account arrangement made by a bank pursuant to §

The use of an accepted credit card or the issuance of a credit card agreement and the expiration of thirty days from the date of issuance without written notice from a card holder to cancel the account creates a binding contract between the card holder and the card issuer with re…

For the purposes of this chapter, a reverse mortgage is any nonrecourse loan secured by real property that: (1) Provides cash advances to a borrower based on the equity in a borrower's owner occupied principal residence; (2) Requires no payment of principal or interest until the …

A reverse mortgage loan is governed by the following rules, without regard to the requirements set out elsewhere for other types of mortgage transactions: (1) Prepayment in whole or in part, is permitted without penalty at any time during the period of the loan; (2) All advances …

A reverse mortgage loan payment made to a borrower is treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means - tested programs of aid to individuals. Undisbursed reverse mortgage funds shall be treated as equity in a …

Terms used in this chapter mean: (1) "Agricultural land," a parcel of land larger than forty acres not located in any municipality and used in farming or ranching operations carried on by the owner or operator within the preceding three- year period for the production of farm pro…

A creditor desiring to commence an action or a proceeding in this state to enforce a debt totaling fifty thousand dollars or greater against agricultural land or agricultural property of the borrower or to foreclose a contract to sell agricultural land or agricultural property or…

Unless the borrower waives mediation, the director of the agricultural mediation program shall promptly send a mediation meeting notice to the borrower and to all creditors as defined in subdivision 54-13-1(5), setting a time and place for an initial mediation meeting between the…

The total mediation period for borrower and creditor mediations shall be for a term of forty-two days after the date the director of the agricultural mediation program issues the notice to the borrower. The director of the agricultural mediation program must issue a notice to the…

A borrower may request mediation of any type or amount of indebtedness by applying to the director of the agricultural mediation program. The director of the agricultural mediation program may make the appropriate mediation request forms available for such purpose. The director o…

The time period provided in any state or federal statutes, rules, or regulations are not to be affected by this chapter but shall be deemed to have run concurrently with the time period for mediation. Source: SL 1988, ch 384 , § 14.

If the borrower and the initiating creditor consent, mediation may continue beyond the forty - two day mediation period with the same force and effect as though held within the forty - two day period. If no meeting is held within the forty - two day mediation period, absent a wai…

If the borrower waives mediation or if a mediation agreement is not reached, a statement to that effect shall be prepared by the mediator and such statement shall constitute a mediation release. Unless the borrower waives mediation, a creditor may not receive a mediation release …

Any waiver by the borrower pursuant to this chapter may not be made more than sixty days prior to the commencement of any action or proceeding as described in §

All data and information regarding the finances of borrowers and creditors which is created, collected, or maintained by the director of the agriculture mediation program pursuant to the terms of this chapter or disclosed to the mediator are not public records and are confidentia…

This chapter does not affect rights and duties that matured, penalties that were incurred, and actions or proceedings that were begun before the effective date of this chapter, and any actions or proceedings which have been filed shall be exempt from any requirements of this chap…

The Department of Agriculture and Natural Resources shall administer an agricultural mediation program to: (1) Provide mediation to borrowers and creditors seeking to resolve credit disputes; (2) Provide federal land mediation to individuals or organizations seeking to mediate di…

Any person serving as a mediator or ag finance counselor pursuant to this chapter is immune from civil liability in any action brought in any court in this state on the basis of any act or omission resulting in damage or injury if the individual was acting in good faith, in a rea…

All staff services required by the agricultural mediation program shall be provided by the Department of Agriculture and Natural Resources. The secretary of agriculture and natural resources may employ a director of mediation services and other agents and employees as the secreta…

Any fees provided under this chapter and by rule shall be borne equally between the parties. The fees and any funds received pursuant to the Agricultural Credit Act of 1987, as of January 1, 2015, shall be deposited in the agricultural mediation operating fund which is hereby cre…

The Department of Agriculture and Natural Resources, in the administration of this chapter, may contract with one or more established agencies of state government, nonprofit corporations, or individuals to provide mediation services for borrowers and creditors and to provide fina…

Any borrower or creditor involved in mediation may be provided resources to assist in the analysis of the borrower's business and personal financial situation, which analysis shall be conducted in a manner that assists the borrower, the borrower's family, and the creditor to prep…

Upon receipt of a mediation request, the director of the agricultural mediation program shall notify the borrower and creditor as to whether financial preparation assistance resources are available and shall provide any other information available regarding assistance programs to…

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…