ENTITLED, An Act  to authorize the Banking Commission to promulgate certain administrative rules regarding the mortgage lending business.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
     Section  1.  That § 54-14-1 be amended to read as follows:
     54-14-1.   Terms as used in this chapter mean:

             (1)      "Director," the director of the Division of Banking of the Department of Commerce and Regulation;

             (2)      "Division," the Division of Banking of the Department of Commerce and Regulation;

             (3)      "License," the license provided by this chapter;

             (4)      "Licensee," the person holding a license provided by this chapter;

             (5)      "Mortgage," any interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt;

             (6)      "Mortgage banker," any person who, for valuable consideration, engages in the business of dealing in mortgage loans including their placement and refinancing;

             (7)      "Mortgage loan," loans of money secured by a mortgage on real estate;

             (8)    "Mortgage broker," any person who acts as an intermediary between borrower and lender in securing a mortgage loan, or places mortgage loans with investors for a consideration;

             (9)    "Commission," the State Banking Commission.
     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. If the application is approved, a license shall be issued. Licenses shall be

renewed annually on the first day of July. The commission shall establish a license fee by rules pursuant to chapter 1-26. The maximum fee for a license is two hundred fifty dollars.
     Section  3.  That § 54-14-10 be amended to read as follows:
     54-14-10.   The commission may promulgate all necessary rules, pursuant to chapter 1-26, for the management and administration of licensees under this chapter, over which it has jurisdiction as set forth in this chapter, and to regulate the procedure and practice of the division.

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An Act to authorize the Banking Commission to promulgate certain administrative rules regarding the mortgage lending business.

========================= I certify that the attached Act originated in the HOUSE as Bill No. 1041

____________________________
Chief Clerk

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____________________________
Speaker of the House

Attest:

____________________________
Chief Clerk

____________________________
President of the Senate

Attest:

____________________________
Secretary of the Senate

House Bill No. 1041
File No. ____
Chapter No. ______     =========================
Received at this Executive Office this ____ day of _____________ ,

19___ at _____ M.

By _________________________
for the Governor

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The attached Act is hereby approved this ________ day of ______________ , A.D., 19___

____________________________
Governor

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STATE OF SOUTH DAKOTA,

ss.

Office of the Secretary of State

Filed ____________ , 19___
at _________ o'clock __ M.

____________________________
Secretary of State

By _________________________
Asst. Secretary of State