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State of South Dakota
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NINETY-FOURTH SESSION LEGISLATIVE ASSEMBLY, 2019 |
| 616B0010 | SENATE BILL NO. 113 |
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Introduced by: Senators Nesiba, Foster, Kennedy, and Wismer and Representatives Smith
(Jamie), Duba, Healy, Lesmeister, McCleerey, and Saba
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FOR AN ACT ENTITLED, An Act to provide that certain information contained within
applications for money lending licenses are public records.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 54-4-40 be amended to read:
54-4-40. Any person who engages in the business of lending money shall apply for a license as prescribed by this chapter. 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, the names and addresses of the partners, members, officers, directors, or trustees, and other information the director may consider necessary. 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. Any person may be licensed and maintain a unique identifier through the nationwide mortgage licensing system and registry.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 54-4-40 be amended to read:
54-4-40. Any person who engages in the business of lending money shall apply for a license as prescribed by this chapter. 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, the names and addresses of the partners, members, officers, directors, or trustees, and other information the director may consider necessary. 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. Any person may be licensed and maintain a unique identifier through the nationwide mortgage licensing system and registry.
The proof of surety bond and the names and addresses of the business, members, officers,
and trustees as contained in the application under this section are public records for purposes
of chapter 1-27.
The State of South Dakota state, any political subdivision of the state, and any quasi-governmental organization created by South Dakota state law or an executive order of the State
of South Dakota state and any subsidiary of such that organization is exempt from the
requirements of this chapter. Any nonprofit corporation formed pursuant to the provisions of
chapter 47-22; any nonprofit United States Treasury Community Development Financial
Institution, Small Business Administration Certified Development Company, or Regional
Revolving Loan Fund; or any commercial club, chamber of commerce, or industrial
development corporation formed pursuant to the provisions of § 9-12-11 or 9-27-37 is subject
to this chapter but exempt from initial license fees, renewal fees, and surety bond requirements
pursuant to the provisions of this chapter.
