54-14-13 License required for mortgage lenders, brokerage, brokers, and loan originators--Identific...
License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.
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 first obtaining and
maintaining a license according to the requirements of this chapter. Each person shall be licensed
or registered, and maintain a unique identifier through the nationwide mortgage licensing system and
The requirements of this chapter, except for the provisions of chapter 10-43 as referenced in
§ 54-14-30, do not apply to any person who, on, before, or after July 1, 2017, originates, sells, or
services five or fewer nonresidential mortgage loans in a twelve-month period as long as the total
amount of the loans outstanding does not exceed four million dollars. The exemption under this
section applies jointly to every entity in which a person has an equity interest, whether the loan or
loans are made by that person or through an entity in which the person holds an equity interest.
Any person exempted by the provisions of this section shall report to the division annually, no
later than December thirty-first of 2017, and every subsequent year for any year in which
nonresidential mortgage loans are originated, sold, or serviced. The annual report shall contain the
name and address of the person who originated, sold, or serviced nonresidential mortgage loans, the
number of nonresidential mortgage loans originated, sold, or serviced in the preceding calendar year,
and the total balance of all nonresidential mortgage loans originated, sold, or serviced.
Source: SL 2007, ch 279, § 2; SL 2009, ch 251, § 6; SL 2017, ch 207, § 1.