2012 South Dakota Codified Laws
Title 54 DEBTOR AND CREDITOR
Chapter 14. Mortgage Lender Business
§54-14-21 Exemption of certain entities from licensing requirements.
54-14-21. Exemption of certain entities from licensing requirements. The following entities are exempt from the requirement of a mortgage lender, mortgage brokerage, or mortgage broker license as required by this chapter:
(1) Any state bank and its subsidiary;
(2) Any national bank and its subsidiary;
(3) Any bank holding company and its subsidiary;
(4) Any other federally insured financial institution, and its holding company and subsidiary; and
(5) Any South Dakota chartered trust company.
Any registered mortgage loan originator, if acting for a depository institution, is exempt from the provisions of this chapter.
Source: SL 2007, ch 279, § 10; SL 2009, ch 251, § 12.
Disclaimer: These codes may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
