<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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072430Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072430SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072430CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072430Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072430DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072430Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072430000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072430SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072430SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072430Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13"><span class="s2072430SENU">54-14-13</span></a><span xml:space="preserve" class="s2072430SENU">. </span><span class="s2072430CL">License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.</span></p><p dir="ltr" class="s2072430Normal-000000"><span class="s2072430DefaultParagraphFont">No person may act as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state or use the title, mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator with respect to any property located in South Dakota without first obtaining and maintaining a license according to the requirements of this chapter. Each person shall be licensed or registered, and maintain a unique identifier through the nationwide mortgage licensing system and registry.</span></p><p dir="ltr" class="s2072430Normal-000001"><span xml:space="preserve" class="s2072430DefaultParagraphFont">The requirements of this chapter, except for the provisions of chapter </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=10-43"><span class="s2072430DefaultParagraphFont">10-43</span></a><span xml:space="preserve" class="s2072430DefaultParagraphFont"> as referenced in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-30"><span class="s2072430DefaultParagraphFont">54-14-30</span></a><span class="s2072430DefaultParagraphFont">, do not apply to any person who, on, before, or after July 1, 2017, originates, sells, or services five or fewer nonresidential mortgage loans in a twelve-month period as long as the total amount of the loans outstanding does not exceed four million dollars. The exemption under this section applies jointly to every entity in which a person has an equity interest, whether the loan or loans are made by that person or through an entity in which the person holds an equity interest.</span></p><p dir="ltr" class="s2072430Normal-000001"><span class="s2072430DefaultParagraphFont">Any person exempted by the provisions of this section shall report to the division annually, no later than December thirty-first of 2017, and every subsequent year for any year in which nonresidential mortgage loans are originated, sold, or serviced. The annual report shall contain the name and address of the person who originated, sold, or serviced nonresidential mortgage loans, the number of nonresidential mortgage loans originated, sold, or serviced in the preceding calendar year, and the total balance of all nonresidential mortgage loans originated, sold, or serviced.</span></p><p dir="ltr" class="s2072430Normal"><span xml:space="preserve" class="s2072430000002"> </span></p><p dir="ltr" class="s2072430Normal"><span class="s2072430SCL">Source:</span><span xml:space="preserve" class="s2072430SCL-000003"> SL 2007, ch 279, § 2; SL 2009, ch 251, § 6; SL 2017, ch 207, § 1.</span></p></div></body></html><br /><hr><br /><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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </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; } </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><br /><hr><br /><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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072432Normal { 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.s2072432SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072432CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072432Normal-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.s2072432DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072432Normal-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; } span.s2072432000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072432SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072432SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072432Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.2"><span class="s2072432SENU">54-14-13.2</span></a><span xml:space="preserve" class="s2072432SENU">. </span><span xml:space="preserve" class="s2072432CL">(See § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.3"><span class="s2072432CL">54-14-13.3</span></a><span xml:space="preserve" class="s2072432CL"> for effective dates) Mortgage loan originator license--Renewal standards.</span></p><p dir="ltr" class="s2072432Normal-000000"><span class="s2072432DefaultParagraphFont">The minimum standards for license renewal for mortgage loan originators shall include the following:</span></p><p dir="ltr" class="s2072432Normal-000001"><span xml:space="preserve" class="s2072432DefaultParagraphFont">(1)    The mortgage loan originator continues to meet the minimum standards for license issuance under subdivisions </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.1"><span class="s2072432DefaultParagraphFont">54-14-13.1</span></a><span class="s2072432DefaultParagraphFont">(1) to (5), inclusive; and</span></p><p dir="ltr" class="s2072432Normal-000001"><span xml:space="preserve" class="s2072432DefaultParagraphFont">(2)    The mortgage loan originator has satisfied the annual continuing education requirements provided by rule pursuant to § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-31"><span class="s2072432DefaultParagraphFont">54-14-31</span></a><span class="s2072432DefaultParagraphFont">.</span></p><p dir="ltr" class="s2072432Normal"><span xml:space="preserve" class="s2072432000002"> </span></p><p dir="ltr" class="s2072432Normal"><span class="s2072432SCL">Source:</span><span xml:space="preserve" class="s2072432SCL-000003"> SL 2009, ch 251, § 9.</span></p></div></body></html><br /><hr><br /><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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072433Normal { 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.s2072433SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072433CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072433Normal-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.s2072433DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072433Normal-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; } span.s2072433000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072433SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072433SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072433Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.3"><span class="s2072433SENU">54-14-13.3</span></a><span xml:space="preserve" class="s2072433SENU">. </span><span xml:space="preserve" class="s2072433CL">Effective dates of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.1"><span class="s2072433CL">54-14-13.1</span></a><span xml:space="preserve" class="s2072433CL"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.2"><span class="s2072433CL">54-14-13.2</span></a><span class="s2072433CL">.</span></p><p dir="ltr" class="s2072433Normal-000000"><span xml:space="preserve" class="s2072433DefaultParagraphFont">The effective dates of §§ </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.1"><span class="s2072433DefaultParagraphFont">54-14-13.1</span></a><span xml:space="preserve" class="s2072433DefaultParagraphFont"> and </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.2"><span class="s2072433DefaultParagraphFont">54-14-13.2</span></a><span xml:space="preserve" class="s2072433DefaultParagraphFont"> are as follows:</span></p><p dir="ltr" class="s2072433Normal-000001"><span class="s2072433DefaultParagraphFont">(1)    July 31, 2010, for any individual other than an individual described in subdivision (2); and</span></p><p dir="ltr" class="s2072433Normal-000001"><span class="s2072433DefaultParagraphFont">(2)    December 31, 2010, for any individual licensed as a mortgage loan originator as of July 1, 2009.</span></p><p dir="ltr" class="s2072433Normal"><span xml:space="preserve" class="s2072433000002"> </span></p><p dir="ltr" class="s2072433Normal"><span class="s2072433SCL">Source:</span><span xml:space="preserve" class="s2072433SCL-000003"> SL 2009, ch 251, § 28.</span></p></div></body></html><br /><hr><br /><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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072434Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072434SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072434CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072434Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072434DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072434000001 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072434SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072434SCL-000002 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } </style></head><body><div><p dir="ltr" class="s2072434Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.4"><span class="s2072434SENU">54-14-13.4</span></a><span xml:space="preserve" class="s2072434SENU">. </span><span class="s2072434CL">License required for loan processor or underwriter--Identification through nationwide mortgage licensing system and registry.</span></p><p dir="ltr" class="s2072434Normal-000000"><span class="s2072434DefaultParagraphFont">No loan processor or underwriter who is an independent contractor may engage in the activities of a loan processor or underwriter unless the loan processor or underwriter obtains and maintains a license under this chapter. Each loan processor or underwriter who is an independent contractor licensed as a mortgage loan originator shall have and maintain a valid unique identifier issued by the nationwide mortgage licensing system and registry.</span></p><p dir="ltr" class="s2072434Normal"><span xml:space="preserve" class="s2072434000001"> </span></p><p dir="ltr" class="s2072434Normal"><span class="s2072434SCL">Source:</span><span xml:space="preserve" class="s2072434SCL-000002"> SL 2009, ch 251, § 13.</span></p></div></body></html><br /><hr><br /><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 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072435Normal { margin-top: 0; margin-bottom: 0; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072435SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072435CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072435Normal-000000 { margin-top: 0; margin-bottom: 0; text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072435DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072435Normal-000001 { margin-top: 0; margin-bottom: 0; text-indent: 0.25in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-left: 0; margin-right: 0; } span.s2072435000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072435SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072435SCL-000003 { 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="s2072435Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-13.5"><span class="s2072435SENU">54-14-13.5</span></a><span xml:space="preserve" class="s2072435SENU">. </span><span class="s2072435CL">License required for company originating, selling, or servicing nonresidential mortgage loans.</span></p><p dir="ltr" class="s2072435Normal-000000"><span xml:space="preserve" class="s2072435DefaultParagraphFont">Any company who, for valuable consideration, originates, sells, or services nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-30"><span class="s2072435DefaultParagraphFont">54-14-30</span></a><span xml:space="preserve" class="s2072435DefaultParagraphFont">. The tax required in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-30"><span class="s2072435DefaultParagraphFont">54-14-30</span></a><span xml:space="preserve" class="s2072435DefaultParagraphFont"> shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § </span><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-24"><span class="s2072435DefaultParagraphFont">54-14-24</span></a><span xml:space="preserve" class="s2072435DefaultParagraphFont"> does not apply to a company licensed under this section.</span></p><p dir="ltr" class="s2072435Normal-000001"><span class="s2072435DefaultParagraphFont">Any individual solely employed by or solely acting as an intermediary on behalf of a company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of a company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.</span></p><p dir="ltr" class="s2072435Normal-000001"><span class="s2072435DefaultParagraphFont">The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any company or its employees or intermediaries licensed pursuant to this section.</span></p><p dir="ltr" class="s2072435Normal"><span xml:space="preserve" class="s2072435000002"> </span></p><p dir="ltr" class="s2072435Normal"><span class="s2072435SCL">Source:</span><span xml:space="preserve" class="s2072435SCL-000003"> SL 2009, ch 251, § 27; SL 2012, ch 252, § 28.</span></p></div></body></html>