54-14-21Exemption 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.