Section 54-14-38 – Improper influence on real estate appraisals prohibited–Grounds for discipline.
54-14-38. Improper influence on real estate appraisals prohibited–Grounds for discipline. No mortgage lender, mortgage broker, or mortgage loan originator, required to be licensed or registered by this chapter, with an interest in a real estate transaction or the financing of any loan secured by real estate involving an appraisal assignment may improperly influence or attempt […]
Section 54-14-39 – Conduct not constituting improper influence on real estate appraisals.
54-14-39. Conduct not constituting improper influence on real estate appraisals. No person violates §54-14-38 solely by asking a real estate appraiser to consider additional, appropriate property information, or to provide further detail, substantiation, or explanation for the appraiser’s value conclusion, or to correct errors in the appraisal report, or by withholding payment of an appraisal […]
Section 54-14-40 – Remote work–Requirements.
54-14-40. Remote work–Requirements. An employee of a licensee may work in a remote location other than the business location identified pursuant to §54-14-14, if the licensee: (1)Ensures in-person interactions with consumers are not conducted at the remote location and the remote location is not represented to consumers as a business location; (2)Maintains secure virtual private […]
Section 54-14-20.1 – Exemption of certain persons from mortgage loan originator license requirement.
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 […]
Section 54-14-35 – Sharing of information.
54-14-35.Sharing of information. The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter: (1)Except as otherwise provided in 12 U.S. C. §5111 as of January 1, 2009, the requirements under any federal law or §51A-2-35 regarding privacy or confidentiality of any information or material […]
Section 54-14-20.2 – Exemption of attorneys from mortgage loan originator license requirement.
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 […]
Section 54-14-36 – Reports of condition–Promulgation of rules.
54-14-36. Reports of condition–Promulgation of rules. Each mortgage lender, mortgage brokerage, mortgage broker, and mortgage loan originator shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the director establishes through rules promulgated pursuant to chapter 1-26. Source: SL 2009, […]
Section 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 […]
Section 54-14-37 – Reports of violations and enforcement.
54-14-37. Reports of violations and enforcement. The director shall report on a regular basis violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry subject to the provisions contained in §54-14-35. Source: SL 2009, ch 251, §22.
Section 54-14-23 – Mortgage broker or lender permitted to use services of mortgage loan originator.
54-14-23. Mortgage broker or lender permitted to use services of mortgage loan originator. Any mortgage broker or mortgage lender licensed to practice in the State of South Dakota may use the services of a mortgage loan originator that operates under direct control and supervision of the mortgage broker or mortgage lender. The mortgage loan originator […]