___________________ moved that SB 154 be amended as follows:
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Section 1. That
§
54-4-40
be amended to read as follows:
54-4-40.
Any person who engages in the business of lending money shall apply for a license as
prescribed by §§ 54-4-36 to 54-4-63, inclusive. The applicant shall apply for a license under oath on
forms supplied by the division. The application shall contain the name of the applicant's business,
proof of surety bond, address of the business, and other information as required by the director by
rule or order. The applicant shall pay an original license fee as set by rules of the commission
promulgated pursuant to chapter 1-26 not to exceed one thousand dollars. If the application of an
existing licensee is for an additional location, the application need only include the location and
identity of the location manager, plus any changes from the existing license, or such other
information the director may consider necessary.
Nonprofit corporations formed pursuant to chapter
47-22 and lending entities of the State of South Dakota and any of its political subdivisions are
subject to this chapter but are exempt from initial license fees, renewal fees, and surety bond
requirements under this chapter.
Section 2. That
§
54-14-2
be amended to read as follows:
54-14-2.
Any person who engages in the business of a mortgage banker or mortgage broker shall
obtain an original license to engage in such business under the terms and conditions of this chapter,
shall apply therefor under oath, on forms prescribed by the division, and shall pay an original,
nonrefundable license fee as set by rules of the commission promulgated pursuant to chapter 1-26.
The fee for a mortgage banker license may not exceed one thousand dollars and the fee for a
mortgage broker license may not exceed five hundred dollars. If the application is approved, a
license shall be issued.