54-14-20. Exemption of certain entities from chapter.

The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; any nonprofit corporation formed pursuant to 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 § 9-12-11 or 9-27-37 is exempt from the requirements of this chapter.

Source: SL 2007, ch 279, § 9; SL 2008, ch 256, § 1; SL 2009, ch 251, § 24.

54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement.

The following are exempt from the requirement of obtaining a mortgage loan originator license:

(1)    Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;

(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

(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.

Source: SL 2009, ch 251, § 23; SL 2012, ch 237, § 1; SL 2017, ch 207, § 2.

54-14-20.2. Exemption of attorneys from mortgage loan originator license requirement.

Any attorney licensed in this state performing activities that come within the definition of a mortgage loan originator, is not required to be licensed as a mortgage loan originator if such activities are:

(1)    Considered by the South Dakota Supreme Court to be part of the authorized practice of law in South Dakota;

(2)    Carried out within an attorney-client relationship; and

(3)    Accomplished by the attorney in compliance with all applicable laws, rules, and standards of professional conduct.

Source: SL 2012, ch 237, § 2.