<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 54-14-20.1 - Exemption of certain persons from mortgage loan originator license requirement. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072443Normal { 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.s2072443SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072443CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072443Normal-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.s2072443DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072443Normal-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.s2072443000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072443SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072443SCL-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="s2072443Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=54-14-20.1"><span class="s2072443SENU">54-14-20.1</span></a><span xml:space="preserve" class="s2072443SENU">. </span><span class="s2072443CL">Exemption of certain persons from mortgage loan originator license requirement.</span></p><p dir="ltr" class="s2072443Normal-000000"><span class="s2072443DefaultParagraphFont">The following are exempt from the requirement of obtaining a mortgage loan originator license:</span></p><p dir="ltr" class="s2072443Normal-000001"><span class="s2072443DefaultParagraphFont">(1)    Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;</span></p><p dir="ltr" class="s2072443Normal-000001"><span class="s2072443DefaultParagraphFont">(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</span></p><p dir="ltr" class="s2072443Normal-000001"><span class="s2072443DefaultParagraphFont">(3)    Any individual who, on, before, or after July 1, 2017, offers or negotiates terms of 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.</span></p><p dir="ltr" class="s2072443Normal"><span xml:space="preserve" class="s2072443000002"> </span></p><p dir="ltr" class="s2072443Normal"><span class="s2072443SCL">Source:</span><span xml:space="preserve" class="s2072443SCL-000003"> SL 2009, ch 251, § 23; SL 2012, ch 237, § 1; SL 2017, ch 207, § 2.</span></p></div></body></html>