AN ACT
ENTITLED, An Act to exempt certain persons from the requirement to license as a mortgage loan
originator.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 54-14-20.1 be amended to read as follows:
54-14-20.1. The following are exempt from the requirement of obtaining a mortgage loan originator license:
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 54-14-20.1 be amended to read as follows:
54-14-20.1. The following are exempt from the requirement of obtaining a mortgage loan originator license:
(1) Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an
immediate family member of the individual;
(2) Any individual who offers or negotiates terms of a residential mortgage loan secured by
a dwelling that served as the individual's residence; or
(3) Any individual who offers or negotiates terms of three or less nonresidential mortgage
loans in a twelve month period.
Section 2. That chapter 54-14 be amended by adding thereto a NEW SECTION to read as follows:
Section 2. That chapter 54-14 be amended by adding thereto a NEW SECTION to read as follows:
Any attorney licensed in this state performing activities that come within the definition of a
mortgage loan originator, is not required to be licensed as a mortgage loan originator if such
activities are:
(1) Considered by the South Dakota Supreme Court to be part of the authorized practice of
law in South Dakota;
(2) Carried out within an attorney-client relationship; and
(3) Accomplished by the attorney in compliance with all applicable laws, rules, and standards
of professional conduct.
An Act to exempt certain persons from the requirement to license as a mortgage loan originator.
An Act to exempt certain persons from the requirement to license as a mortgage loan originator.
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I certify that the attached Act originated in the
HOUSE as Bill No. 1229
____________________________
Chief Clerk ____________________________
Speaker of the House
Attest:
____________________________
Chief Clerk
____________________________
Attest:
____________________________
Secretary of the Senate
House Bill No. 1229 File No. ____ Chapter No. ______ |
Received at this Executive Office this _____ day of _____________ ,
20____ at ____________ M.
By _________________________
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
____________________________
Governor STATE OF SOUTH DAKOTA, ss.
Office of the Secretary of State
Filed ____________ , 20___
____________________________ Secretary of State
By _________________________ |
