South Dakota Codified Laws 54-14-12. Definitions
Terms used in this chapter mean:
(1) “Depository institution,” the same meaning as provided in 12 U.S.C. § 1813(c) as of January 1, 2009, and includes any credit union;
Terms Used In South Dakota Codified Laws 54-14-12
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Director,” the director of the Division of Banking of the Department of Labor and Regulation;
(3) “Division,” the Division of Banking of the Department of Labor and Regulation;
(4) “Federal banking agencies,” the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation;
(5) “Immediate family member,” a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchildren, stepsibling, and adoptive relationship;
(6) “Individual,” a natural person;
(7) “Licensee,” the person holding a license provided by this chapter;
(8) “Mortgage lender,” any person who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages, other than those exempt pursuant to § 54-14-21;
(9) “Mortgage broker,” any person who acts as a mortgage loan originator and has not less than a ten percent interest in a mortgage brokerage;
(10) “Mortgage brokerage,” any person engaged in placing mortgage loans with investors for a fee, but does not service such loans;
(11) “Mortgage lending activities,” for compensation, either directly or indirectly, accepting or offering to accept applications for making mortgage loans;
(12) “Nationwide mortgage licensing system and registry,” a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators;
(13) “Regional revolving loan fund,” any regional revolving loan fund with a service area of at least five South Dakota counties, a designated staff for loan processing and servicing, a loan portfolio of at least one million dollars, and which is governed by a board of directors that meets at least quarterly;
(14) “Residential mortgage loan,” any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in 12 C.F.R. § 226.2(19), or residential real estate upon which is constructed or intended to be constructed a dwelling;
(15) “Unique identifier,” a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry.
Source: SL 2007, ch 279, § 1; SL 2008, ch 255, § 1; SL 2009, ch 251, § 1; SL 2011, ch 1 (Ex. Ord. 11-1), § 36, eff. Apr. 12, 2011.