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 54-14-23 – 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 […]
Section 54-14-24 – Surety bond requirements.
54-14-24. Surety bond requirements. Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator shall submit with any application, and maintain at all times, a surety bond in an amount that reflects the total dollar amount of loans originated by the licensee and the licensee’s employees and agents, but not less than twenty-five thousand […]
Section 54-14-25 – Violation of license or registration requirements–Misdemeanor.
54-14-25. Violation of license or registration requirements–Misdemeanor. Any person, who without first obtaining a license or registration under this chapter, engages in the business or occupation of, or advertises or holds the person out as, or claims to be, or temporarily acts as, a mortgage broker, mortgage brokerage, mortgage lender, or mortgage loan originator in […]
Section 54-14-25.1 – Civil penalty for acting without required license or registration.
54-14-25.1. Civil penalty for acting without required license or registration. The director may impose a civil penalty in an amount not to exceed one thousand dollars upon any person acting as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state without the required license or registration. Each instance of operating […]
Section 54-14-26 – Examination and investigation by director.
54-14-26. Examination and investigation by director. Any licensee or registrant is subject to examination and investigation by the director. The director shall promulgate rules pursuant to chapter 1-26 that specify the process by which examinations and investigations will be performed. Source: SL 2007, ch 279, §15.
Section 54-14-27 – Conditioning, denial, nonrenewal, suspension, or revocation of license.
54-14-27. Conditioning, denial, nonrenewal, suspension, or revocation of license. The director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke a license if the director finds: (1)Any fact or condition exists that, if it had existed at the time the licensee applied for its license, would have […]
Section 54-14-28 – Reinstatement of license or registration–Termination of suspension–New license or registration.
54-14-28. Reinstatement of license or registration–Termination of suspension–New license or registration. The director may, in the director’s discretion, reinstate a license or registration, terminate a suspension, or grant a new license or registration to any person whose license or registration has been revoked or suspended if no fact or condition then exists which would justify […]