<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 54-14-13.1 - (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072431Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072431SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072431CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072431Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072431DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072431Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2072431Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2072431Normal-000003 { margin-left: 0.70in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072431000004 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072431SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072431SCL-000005 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072431Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.1"><span class="s2072431SENU">54-14-13.1</span></a><span xml:space="preserve" class="s2072431SENU">. </span><span xml:space="preserve" class="s2072431CL">(See § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.3"><span class="s2072431CL">54-14-13.3</span></a><span xml:space="preserve" class="s2072431CL"> for effective dates) Mortgage loan originator license--Required findings.</span></p><p dir="ltr" class="s2072431Normal-000000"><span class="s2072431DefaultParagraphFont">The director may not issue a mortgage loan originator license unless the director makes the following findings:</span></p><p dir="ltr" class="s2072431Normal-000001"><span class="s2072431DefaultParagraphFont">(1)    The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the revocation may be considered by the director;</span></p><p dir="ltr" class="s2072431Normal-000001"><span class="s2072431DefaultParagraphFont">(2)    The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:</span></p><p dir="ltr" class="s2072431Normal-000002"><span class="s2072431DefaultParagraphFont">(a)    During the seven year period preceding the date of the application for licensing and registration; or</span></p><p dir="ltr" class="s2072431Normal-000002"><span class="s2072431DefaultParagraphFont">(b)    At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.</span></p><p dir="ltr" class="s2072431Normal-000003"><span class="s2072431DefaultParagraphFont">No pardon of a conviction may be considered a conviction for purposes of this subdivision;</span></p><p dir="ltr" class="s2072431Normal-000001"><span class="s2072431DefaultParagraphFont">(3)    The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subdivision, an applicant shows a lack of financial responsibility if the applicant has shown a disregard in the management of his or her own financial affairs. Factors to be considered may include current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other governmental liens and filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years;</span></p><p dir="ltr" class="s2072431Normal-000001"><span xml:space="preserve" class="s2072431DefaultParagraphFont">(4)    The applicant has completed the pre-licensing education requirement provided for by rule pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-31"><span class="s2072431DefaultParagraphFont">54-14-31</span></a><span class="s2072431DefaultParagraphFont">;</span></p><p dir="ltr" class="s2072431Normal-000001"><span xml:space="preserve" class="s2072431DefaultParagraphFont">(5)    The applicant has passed a written test that meets the test requirement provided for by rule pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-31"><span class="s2072431DefaultParagraphFont">54-14-31</span></a><span class="s2072431DefaultParagraphFont">; and</span></p><p dir="ltr" class="s2072431Normal-000001"><span xml:space="preserve" class="s2072431DefaultParagraphFont">(6)    The applicant has met the surety bond requirement as required by § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-24"><span class="s2072431DefaultParagraphFont">54-14-24</span></a><span xml:space="preserve" class="s2072431DefaultParagraphFont"> and provided for by rule pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-24"><span class="s2072431DefaultParagraphFont">54-14-24</span></a><span class="s2072431DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072431Normal"><span xml:space="preserve" class="s2072431000004"> </span></p><p dir="ltr" class="s2072431Normal"><span class="s2072431SCL">Source:</span><span xml:space="preserve" class="s2072431SCL-000005"> SL 2009, ch 251, § 7.</span></p></div></body></html>