Title 54 — DEBTOR AND CREDITOR

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terminate a suspension, or grant a new license or registration to any person whose license or registration has been revoked or suspended if no fact or condition then exists which would justify th…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…

If a consumer requests a security freeze, the consumer reporting agency shall disclose the process of placing and temporarily lifting a freeze, and the process for allowing access to information from the consumer's credit report for a specific party or period of time while the fr…

A security freeze under § 54-15-4 shall remain in place until the consumer reporting agency receives a request from the consumer to remove the freeze. A consumer reporting agency shall remove a security freeze within three business days of receiving a request for removal from the…

This chapter does not apply to the use of a consumer credit report by any of the following: (1) A person, or a subsidiary, affiliate, or agent of that person, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a fi…

If a security freeze is in place, a consumer reporting agency may not change any name, date of birth, social security number, or address in a consumer credit report without sending a written confirmation of the change to the consumer within thirty days of the change being posted …

No consumer reporting agency is required to place a security freeze in a consumer credit report if the consumer reporting agency acts only as a reseller of credit information by assembling and merging information contained in the data base of another consumer reporting agency or …

The following entities are not required to place a security freeze in a consumer credit report pursuant to this chapter: (1) A check services or fraud prevention services company, which issues reports on incidents of fraud or authorizations for the purpose of approving or process…

A consumer reporting agency may furnish to a governmental agency a consumer's name, address, former address, places of employment, or former places of employment even if a security freeze is in place. Source: SL 2006, ch 246 , § 16.

A consumer reporting agency is prohibited from charging a fee for a placement or removal of a security freeze under this chapter. Source: SL 2018, ch 273 , § 2.

For the purposes of this chapter, a security freeze is a notice placed in a consumer's credit report, at the request of the consumer and subject to certain exceptions, that prohibits the consumer reporting agency from releasing the consumer's credit report, relating to the extens…

A person may place a security freeze on that person's credit report by making a request to a consumer reporting agency in a manner designated by the consumer reporting agency to receive a request for a security freeze. This section does not prevent a consumer reporting agency fro…

A consumer reporting agency shall place a security freeze on a consumer's credit report no later than five business days after receiving a written request from the consumer. Source: SL 2006, ch 246 , § 4.

The consumer reporting agency shall send a written confirmation of the security freeze to the consumer within ten business days and shall provide the consumer with a unique personal identification number or password to be used by the consumer when providing authorization for the …

If any consumer wishes to allow the consumer's credit report to be accessed for a specific period of time while a freeze is in place, the consumer shall contact the consumer reporting agency at a point of contact designated by the agency to receive such requests, request that the…

A consumer reporting agency may develop procedures involving the use of telephone, fax, the internet, or other electronic media to receive and process a request from a consumer to temporarily lift a freeze on that consumer's credit report in an expedited manner. Source: SL 2006, …

A consumer reporting agency shall remove or temporarily lift a freeze placed on a consumer's credit report only in the following cases: (1) Upon a consumer's request pursuant to § 54-15-6 or 54-15-11 ; or (2) When the consumer's credit report was frozen due to a material misrepre…

If a third party requests access to a consumer credit report on which a security freeze is in effect, and this request is in connection with an application for credit or any other use, and the consumer does not allow the consumer's credit report to be accessed for that specific p…

Terms used in this chapter mean: (1) "Protected consumer," a person who is under the age of sixteen years at the time a request for the placement of a security freeze is made or an incapacitated person or a protected person for whom a guardian or conservator has been appointed; (…

A consumer reporting agency may remove a security freeze for a protected consumer or delete a record of a protected consumer if the security freeze was placed or the record was created based on a material misrepresentation of fact by the protected consumer or the protected consum…

A consumer reporting agency shall place a security freeze for a protected consumer if the agency receives a request from the protected consumer's representative for the placement of the security freeze under this section and the protected consumer's representative: (1) Submits th…

This chapter does not apply to the use of a protected consumer's credit report or record by: (1) A person administering a credit file monitoring subscription service to which the protected consumer has subscribed or the representative of the protected consumer has subscribed on b…

Within thirty days after receiving a request that meets the requirements of this chapter, a consumer reporting agency shall place a security freeze for the protected consumer. Source: SL 2016, ch 230 , § 4.

Unless a security freeze for a protected consumer is removed in accordance with § 54-16-7 or 54-16-10 , a consumer reporting agency may not release the protected consumer's credit report, any information derived from the protected consumer's credit report, or any record created f…

A security freeze for a protected consumer placed under § 54-16-4 shall remain in effect until: (1) The protected consumer or the protected consumer's representative requests the consumer reporting agency to remove the security freeze in accordance with § 54-16-7 ; or (2) The sec…

If a protected consumer or a protected consumer's representative wishes to remove a security freeze for the protected consumer, the protected consumer or the protected consumer's representative shall submit a request for the removal of the security freeze to the consumer reportin…

Within thirty days after receiving a request that meets the requirements of § 54-16-7 , the consumer reporting agency shall remove the security freeze for the protected consumer. Source: SL 2016, ch 230 , § 8.

A consumer reporting agency may charge a reasonable fee, not exceeding five dollars, for each placement or removal of a security freeze for a protected consumer. However, no consumer reporting agency may charge a fee under this section if the protected consumer's representative p…