54-14-21. Exemption of certain entities from licensing requirements.
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/sd/title-54/chapter-54-14/54-14-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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;
(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.