(HB 1041)
Rules to regulate mortgage brokers authorized.
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
State
Department of
Commerce and Regulation;
(2)
"Division," the Division of Banking of the
State
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
of two hundred fifty dollars
. If the application is approved,
a license shall be issued
and a fee of two hundred fifty dollars shall be paid and renewed on an
annual basis
. Licenses shall be renewed annually
on the first day of July.
The commission shallestablish 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
director
shall have the power to adopt
commission may promulgate
all
necessary rules
,
pursuant to chapter 1-26
,
for the management and administration of licensees
under this chapter, over which
he
it
has jurisdiction as set forth in this chapter, and to regulate
the procedure and practice of the division.
Signed February 12, 1998.
