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 […]
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.