S.D. Codified Laws § 54-14-21

Current through the 2024 Legislative Session

Section 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.

SDCL 54-14-21

SL 2007, ch 279, §10; SL 2009, ch 251, §12.