2012 South Dakota Codified Laws
Title 54 DEBTOR AND CREDITOR
Chapter 14. Mortgage Lender Business
§54-14-13.5 License required for company originating, selling, or servicing nonresidential mortgage loans.
54-14-13.5. License required for company originating, selling, or servicing nonresidential mortgage loans. 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 § 54-14-30. The tax required in § 54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § 54-14-24 does not apply to a company licensed under this section.
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.
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.
Source: SL 2009, ch 251, § 27; SL 2012, ch 252, § 28.
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