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54-14-21 Exemption of certain entities from licensing requirements.
     54-14-21.   Exemption 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.


Chapter 54-14

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