South Dakota Codified Laws 54-14-20.2. Exemption of attorneys from mortgage loan originator license requirement
Current as of: 2023 | Check for updates
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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 authorized practice of law in South Dakota;
Terms Used In South Dakota Codified Laws 54-14-20.2
- 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
(2) Carried out within an attorney-client relationship; and
(3) Accomplished by the attorney in compliance with all applicable laws, rules, and standards of professional conduct.
Source: SL 2012, ch 237, § 2.