54-14-21 Exemption of certain entities from licensing requirements.
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:
Any state bank and its subsidiary;
Any national bank and its subsidiary;
Any bank holding company and its subsidiary;
Any other federally insured financial institution, and its holding company and subsidiary;
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.