For the purposes of this chapter, the term, registered mortgage loan originator, means any individual who:

(1) Meets the definition of mortgage loan originator and is an employee of:

Terms Used In South Dakota Codified Laws 54-14-12.4

  • 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

(a) A depository institution;

(b) A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or

(c) An institution regulated by the Farm Credit Administration; and

(2) Is registered with, and maintains a unique identifier through, the nationwide mortgage licensing system and registry.

Source: SL 2009, ch 251, § 5.