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Code · South Dakota · Title 54 · Chapter 54-14

54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement.

104 words·~1 min read·/sd/title-54/chapter-54-14/54-14-20-1·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The following are exempt from the requirement of obtaining a mortgage loan originator license:
(1)Any individual who offers or negotiates terms of a mortgage loan with or on behalf of an immediate family member of the individual;
(2)Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence; or
(3)Any individual who, on, before, or after July 1, 2017, offers or negotiates terms of five or fewer nonresidential mortgage loans in a twelve-month period as long as the total amount of the loans outstanding does not exceed four million dollars.
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