Section 54-14-30 – Annual tax upon net income–Exemptions.
54-14-30. Annual tax upon net income–Exemptions. Any licensee under this chapter, in addition to the license and other fees provided by this chapter, shall pay the annual tax provided in chapter 10-43, upon the net income of the licensee measured by the net income assignable to the licensee’s business in South Dakota. The State of […]
Section 54-14-31 – Promulgation of rules regarding licensing, education, and fees.
54-14-31. Promulgation of rules regarding licensing, education, and fees. The director may promulgate rules pursuant to chapter 1-26 for the pre-licensing education, written testing, continuing education, personal history, and experience checks of mortgage brokers, mortgage brokerages, mortgage lenders, and mortgage loan originators, and for the management and administration of licenses and registrations issued pursuant to […]
Section 54-14-32 – Disposition of fees.
54-14-32. Disposition of fees. Fees collected pursuant to this chapter shall be deposited with the state treasurer in the banking special revenue fund created in §51A-2-30. Expenditures from the fund shall be appropriated through the normal budget process. Source: SL 2007, ch 279, §22.
Section 54-14-33 – Contracts with nationwide mortgage licensing system.
54-14-33. Contracts with nationwide mortgage licensing system. The director may establish relationships or contracts with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this […]
Section 54-14-20 – Exemption of certain entities from chapter.
54-14-20. Exemption of certain entities from chapter. The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; any nonprofit corporation formed pursuant to chapter 47-22; any nonprofit United States Treasury Community Development Financial […]
Section 54-14-34 – Promulgation of rules for challenging information entered in nationwide mortgage licensing system.
54-14-34. Promulgation of rules for challenging information entered in nationwide mortgage licensing system. The director shall establish a process through rules promulgated pursuant to chapter 1-26 to allow mortgage loan originators and mortgage brokers to challenge information entered into the nationwide mortgage licensing system and registry by the director. Source: SL 2009, ch 251, §19.
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, […]