54-14-12.2. Mortgage loan originator defined.
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/sd/title-54/chapter-54-14/54-14-12-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes of this chapter, the term, mortgage loan originator, means an individual who for compensation or gain or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan.
A mortgage loan originator does not include:
(1)An individual engaged solely as a loan processor or underwriter except as otherwise provided in § 54-14-12.1
(2)An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; or
(3)Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D) as of January 1, 2009.