South Dakota Codified Laws 54-14-21. Exemption of certain entities from licensing requirements
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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;
Terms Used In South Dakota Codified Laws 54-14-21
- 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 Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
(2) Any national bank and its subsidiary;
(3) Any bank holding company and its subsidiary;
(4) Any other federally insured financial institution, and its holding company and subsidiary; and
(5) Any South Dakota chartered trust company.
Any registered mortgage loan originator, if acting for a depository institution, is exempt from the provisions of this chapter.
Source: SL 2007, ch 279, § 10; SL 2009, ch 251, § 12.