2015 South Dakota Codified Laws
Title 54 - DEBTOR AND CREDITOR
Chapter 04 - Money Lending Licenses
§ 54-4-40 Application for license--Licensure through nationwide mortgage licensing system--Exemptions from chapter requirements.

SD Codified L § 54-4-40 (2015) What's This?

54-4-40. Application for license--Licensure through nationwide mortgage licensing system--Exemptions from chapter requirements.

Any person who engages in the business of lending money shall apply for a license as prescribed by this chapter. The applicant shall apply for a license under oath on forms supplied by the division. The application shall contain the name of the applicant's business, proof of surety bond, address of the business, the names and addresses of the partners, members, officers, directors, or trustees, and other information the director may consider necessary. The applicant shall pay an original license fee, as set by rules of the commission promulgated pursuant to chapter 1-26, not to exceed one thousand dollars. If the application of an existing licensee is for an additional location, the application need only include the location and identity of the location manager, plus any changes from the existing license, or such other information the director may consider necessary. Any person may be licensed and maintain a unique identifier through the nationwide mortgage licensing system and registry.

The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by South Dakota law or an executive order of the State of South Dakota and any subsidiary of such organization is exempt from the requirements of this chapter. Any nonprofit corporation formed pursuant to the provisions of 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 the provisions of § 9-12-11 or 9-27-37 is subject to this chapter but exempt from initial license fees, renewal fees, and surety bond requirements pursuant to the provisions of this chapter.

Source: SL 1998, ch 280, § 5; SL 2004, ch 293, § 1, eff. Feb. 25, 2004; SL 2005, ch 257, § 1; SL 2005, ch 258, § 1; SL 2006, ch 245, § 4; SL 2015, ch 242, § 2.

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.