reglab/housing_qa huggingface dataset:
SD Codified L § 54-14-21 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-21 - Exemption of certain entities from licensing requirements.

54-14-21. Exemption of certain entities from licensing requirements.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. Source: SL 2007, ch 279, §10; SL 2009, ch 251, §12.
SD Codified L § 54-14-23 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-23 - Mortgage broker or lender permitted to use services of mortgage loan originator.

54-14-23. Mortgage broker or lender permitted to use services of mortgage loan originator. Any mortgage broker or mortgage lender licensed to practice in the State of South Dakota may use the services of a mortgage loan originator that operates under direct control and supervision of the mortgage broker or mortgage lender. The mortgage loan originator shall be registered by the director and while registered and employed by a mortgage broker or mortgage lender may not be deemed to be operating as a mortgage broker or mortgage lender. Source: SL 2007, ch 279, §12.
SD Codified L § 54-14-24 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-24 - Surety bond requirements.

54-14-24. Surety bond requirements.Each mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator shall submit with any application, and maintain at all times, a surety bond in an amount that reflects the total dollar amount of loans originated by the licensee and the licensee's employees and agents, but not less than twenty-five thousand dollars. The surety bond shall be in a form and amount as prescribed by the director.Each mortgage loan originator and mortgage broker shall be covered by a surety bond in accordance with this section. If the mortgage loan originator or mortgage broker is an employee or exclusive agent of a person subject to this chapter, the surety bond of such person can be used in lieu of the mortgage loan originator or mortgage broker's surety bond requirement. The surety bond shall provide coverage for each mortgage loan originator and mortgage broker in an amount prescribed by this section.The bond shall be issued by a surety company qualified to do business as a surety in this state. The bond shall be in favor of this state for the use of this state and any person who has a cause of action under this chapter against the licensee. The bond shall be conditioned on:(1)The licensee's faithful performance under this chapter and any rules adopted pursuant to this chapter; and(2)The payment of any amounts that are due to the state or another person during the time the bond is in force.The bond may be continuous, and regardless of how long the bond remains in force, the aggregate liability of a surety to all persons damaged by a licensee's violation of the provisions of this chapter may not exceed the amount of the bond. The bond may be cancelled by the surety upon thirty days notice to the licensee and the director, and the surety's liability on the bond shall also terminate upon the effective date of any suspension or revocation of the license.If an action is commenced on a licensee's bond, the director may require the filing of a new bond. Immediately upon recovery in any action on the bond the licensee shall file a new bond.The director may promulgate rules pursuant to chapter 1-26 with respect to the requirements for such surety bonds as are necessary to accomplish the purposes of this chapter. Source: SL 2007, ch 279, §13; SL 2008, ch 255, §2; SL 2009, ch 251, §14.
SD Codified L § 54-14-25 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-25 - Violation of license or registration requirements--Misdemeanor.

54-14-25. Violation of license or registration requirements--Misdemeanor.Any person, who without first obtaining a license or registration under this chapter, engages in the business or occupation of, or advertises or holds the person out as, or claims to be, or temporarily acts as, a mortgage broker, mortgage brokerage, mortgage lender, or mortgage loan originator in this state is guilty of a Class 2 misdemeanor and may be held responsible for all costs of prosecution, including restitution. Source: SL 2007, ch 279, §14; SL 2009, ch 251, §26.
SD Codified L § 54-14-25.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-25.1 - Civil penalty for acting without required license or registration.

54-14-25.1. Civil penalty for acting without required license or registration.The director may impose a civil penalty in an amount not to exceed one thousand dollars upon any person acting as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state without the required license or registration. Each instance of operating without a license, or holding oneself out as being authorized to conduct the business authorized by this chapter, constitutes a separate violation of this chapter and subjects any such person to a civil penalty for each violation. A civil penalty for a series of violations may not exceed twenty-five thousand dollars. Source: SL 2009, ch 251, §15.
SD Codified L § 54-14-26 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-26 - Examination and investigation by director.

54-14-26. Examination and investigation by director.Any licensee or registrant is subject to examination and investigation by the director. The director shall promulgate rules pursuant to chapter 1-26 that specify the process by which examinations and investigations will be performed. Source: SL 2007, ch 279, §15.
SD Codified L § 54-14-27 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-27 - Conditioning, denial, nonrenewal, suspension, or revocation of license.

54-14-27. Conditioning, denial, nonrenewal, suspension, or revocation of license.The director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke a license if the director finds:(1)Any fact or condition exists that, if it had existed at the time the licensee applied for its license, would have been grounds for denying the application;(2)The licensee violated any provisions of this chapter or any rule or order promulgated by the director;(3)The licensee refuses to permit the director to make any examination authorized by this chapter or rule promulgated pursuant to this chapter, or any federal statute, rule, or regulation pertaining to mortgage lending;(4)The licensee willfully fails to make any report required of this chapter;(5)The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to continue to conduct business;(6)The bond of the licensee has been revoked or cancelled by the surety;(7)The licensee or any partner, officer, director, manager, or employee of the licensee has been convicted of a felony or a misdemeanor involving any aspect of the financial services business;(8)The licensee or any partner, officer, director, manager, or employee of the licensee has had a license substantially equivalent to a license under this chapter, and issued by another state, denied, revoked or suspended under the laws of that state;(9)The licensee has filed an application for a license which as of the date the license was issued, or as of the date of an order denying, suspending, or revoking a license, was incomplete in any material respect or contained any statement that was, in light of the circumstances under which it was made, false or misleading with respect to any material fact.The director may revoke a license for good cause pursuant to chapter 1-26. If the licensee is the holder of more than one license, the director may revoke any or all of the licenses. Source: SL 2007, ch 279, §16; SL 2009, ch 251, §16.
SD Codified L § 54-14-28 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-28 - Reinstatement of license or registration--Termination of suspension--New license or registration.

54-14-28. Reinstatement of license or registration--Termination of suspension--New license or registration.The director may, in the director's discretion, reinstate a license or registration, terminate a suspension, or grant a new license or registration to any person whose license or registration has been revoked or suspended if no fact or condition then exists which would justify the director in refusing to grant a license or registration. Source: SL 2007, ch 279, §17.
SD Codified L § 54-14-29 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-29 - Procedure for contesting suspension or revocation.

54-14-29. Procedure for contesting suspension or revocation.Any licensee whose license or registration is subject to suspension or revocation by the director, may contest such suspension or revocation in accordance with the provisions of chapter 1-26. Source: SL 2007, ch 279, §18.
SD Codified L § 54-14-30 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-30 - Annual tax upon net income--Exemptions.

54-14-30. Annual tax upon net income--Exemptions.Any licensee under this chapter, in addition to the license and other fees provided by this chapter, shall pay the annual tax provided in chapter 10-43, upon the net income of the licensee measured by the net income assignable to the licensee's business in South Dakota. The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; any nonprofit United States Treasury Community Development Financial Institution, Small Business Administration Certified Development Company, or Regional Revolving Loan Fund; or any commercial club, chamber of commerce, or industrial development corporation formed pursuant to §9-12-11 or 9-27-37 is exempt from the payment of this tax. Source: SL 2007, ch 279, §19.
SD Codified L § 54-14-31 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-31 - Promulgation of rules regarding licensing, education, and fees.

54-14-31. Promulgation of rules regarding licensing, education, and fees.The director may promulgate rules pursuant to chapter 1-26 for the pre-licensing education, written testing, continuing education, personal history, and experience checks of mortgage brokers, mortgage brokerages, mortgage lenders, and mortgage loan originators, and for the management and administration of licenses and registrations issued pursuant to this chapter.The director may promulgate rules pursuant to chapter 1-26 to establish fees required for the licensure and renewal of licenses through the nationwide mortgage licensing system and registry in addition to those fees established in §§54-14-16 and 54-14-19. Such fees may not exceed five hundred dollars. Source: SL 2007, ch 279, §20; SL 2009, ch 251, §17.
SD Codified L § 54-14-32 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-32 - Disposition of fees.

54-14-32. Disposition of fees.Fees collected pursuant to this chapter shall be deposited with the state treasurer in the banking special revenue fund created in §51A-2-30. Expenditures from the fund shall be appropriated through the normal budget process. Source: SL 2007, ch 279, §22.
SD Codified L § 54-14-33 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-33 - Contracts with nationwide mortgage licensing system.

54-14-33. Contracts with nationwide mortgage licensing system.The director may establish relationships or contracts with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter. Source: SL 2009, ch 251, §18.
SD Codified L § 54-14-34 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-34 - Promulgation of rules for challenging information entered in nationwide mortgage licensing system.

54-14-34. Promulgation of rules for challenging information entered in nationwide mortgage licensing system.The director shall establish a process through rules promulgated pursuant to chapter 1-26 to allow mortgage loan originators and mortgage brokers to challenge information entered into the nationwide mortgage licensing system and registry by the director. Source: SL 2009, ch 251, §19.
SD Codified L § 54-14-35 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-35 - Sharing of information.

54-14-35.Sharing of information.The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter:(1)Except as otherwise provided in 12 U.S. C. §5111 as of January 1, 2009, the requirements under any federal law or §51A-2-35 regarding privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry, and any privilege arising under federal or state law (including the rules of any federal or state court) with respect to the information or material, continue to apply to the information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. The information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections by federal law or §51A-2-35;(2)No information or material that is subject to a privilege or confidentiality under this section is subject to:(a)Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or(b)Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the nationwide mortgage licensing system and registry with respect to the information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of the person, that privilege.This section does not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the nationwide mortgage licensing system and registry for access by the public. Source: SL 2009, ch 251, §20.
SD Codified L § 54-14-36 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-36 - Reports of condition--Promulgation of rules.

54-14-36. Reports of condition--Promulgation of rules.Each mortgage lender, mortgage brokerage, mortgage broker, and mortgage loan originator shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the director establishes through rules promulgated pursuant to chapter 1-26. Source: SL 2009, ch 251, §21.
SD Codified L § 54-14-37 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-37 - Reports of violations and enforcement.

54-14-37. Reports of violations and enforcement.The director shall report on a regular basis violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry subject to the provisions contained in §54-14-35. Source: SL 2009, ch 251, §22.
SD Codified L § 54-14-38 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-38 - Improper influence on real estate appraisals prohibited--Grounds for discipline.

54-14-38. Improper influence on real estate appraisals prohibited--Grounds for discipline.No mortgage lender, mortgage broker, or mortgage loan originator, required to be licensed or registered by this chapter, with an interest in a real estate transaction or the financing of any loan secured by real estate involving an appraisal assignment may improperly influence or attempt to improperly influence the development, reporting, result, or review of a real estate appraisal by:(1)Coercion, extortion, or bribery;(2)Withholding or threatened withholding of payment for an appraisal fee;(3)Conditioning of the payment of an appraisal fee upon the opinion, conclusion, or valuation to be reached;(4)Requesting that the appraiser report a predetermined opinion, conclusion, or valuation or the desired valuation of any person; or(5)Any other act or practice that impairs or attempts to impair an appraiser's independence, objectivity, and impartiality.A violation of this section may constitute grounds for discipline against a mortgage lender, mortgage broker, or mortgage loan originator who is licensed or registered pursuant to this chapter. Source: SL 2009, ch 192, §3.
SD Codified L § 54-14-39 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-39 - Conduct not constituting improper influence on real estate appraisals.

54-14-39. Conduct not constituting improper influence on real estate appraisals.No person violates §54-14-38 solely by asking a real estate appraiser to consider additional, appropriate property information, or to provide further detail, substantiation, or explanation for the appraiser's value conclusion, or to correct errors in the appraisal report, or by withholding payment of an appraisal fee based on a bona fide dispute regarding the appraiser's compliance with the appraisal standards adopted by the Department of Labor and Regulation pursuant to this chapter. A person does not violate §54-14-38 solely by retaining a real estate appraiser from panels or lists on a rotating basis, or by supplying an appraiser with information the appraiser is required to analyze under the appraisal standards adopted by the department, such as agreements of sale, options, or listings of the property to be valued. Source: SL 2009, ch 192, §4; SL 2011, ch 1 (Ex. Ord. 11-1), §162, eff. Apr. 12, 2011.
SD Codified L § 54-15-2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-2 - Security freeze defined.

54-15-2. Security freeze defined.For the purposes of this chapter, a security freeze is a notice placed in a consumer's credit report, at the request of the consumer and subject to certain exceptions, that prohibits the consumer reporting agency from releasing the consumer's credit report, relating to the extension of credit involving that consumer's report, without the express authorization of the consumer. If a security freeze is in place, information from a consumer's credit report may not be released to a third party without prior express authorization from the consumer. Source: SL 2006, ch 246, §2.
SD Codified L § 54-15-3 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-3 - Request to consumer reporting agency for security freeze.

54-15-3. Request to consumer reporting agency for security freeze.A person may place a security freeze on that person's credit report by making a request to a consumer reporting agency in a manner designated by the consumer reporting agency to receive a request for a security freeze. This section does not prevent a consumer reporting agency from advising a third party that a security freeze is in effect with respect to the consumer's credit report. Source: SL 2006, ch 246, §3; SL 2018, ch 273, §1.
SD Codified L § 54-15-4 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-4 - Time for placing security freeze.

54-15-4. Time for placing security freeze.A consumer reporting agency shall place a security freeze on a consumer's credit report no later than five business days after receiving a written request from the consumer. Source: SL 2006, ch 246, §4.
SD Codified L § 54-15-5 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-5 - Written confirmation of security freeze.

54-15-5. Written confirmation of security freeze.The consumer reporting agency shall send a written confirmation of the security freeze to the consumer within ten business days and shall provide the consumer with a unique personal identification number or password to be used by the consumer when providing authorization for the release of the consumer's credit report for a specific period of time. Source: SL 2006, ch 246, §5.
SD Codified L § 54-15-6 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-6 - Request for temporary lifting of security freeze.

54-15-6. Request for temporary lifting of security freeze.If any consumer wishes to allow the consumer's credit report to be accessed for a specific period of time while a freeze is in place, the consumer shall contact the consumer reporting agency at a point of contact designated by the agency to receive such requests, request that the freeze be temporarily lifted, and provide the following:(1)Proper identification, which means that information generally deemed sufficient to identify a consumer. Only if the consumer is unable to sufficiently identify himself or herself, may a consumer reporting agency require additional information concerning the consumer's employment and personal or family history in order to verify the consumer's identity;(2)The unique personal identification number or password provided by the credit reporting agency pursuant to §54-15-5; and(3)The proper information regarding the time period for which the report is available to users of the credit report.Any consumer reporting agency that receives a request to temporarily lift a freeze on a credit report pursuant to this section shall comply with the request no later than three business days after receiving the request. Source: SL 2006, ch 246, §6.
SD Codified L § 54-15-7 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 15 - Security Freeze On Credit Report|Section 54-15-7 - Expedited procedures for temporary lifting of security freeze.

54-15-7. Expedited procedures for temporary lifting of security freeze.A consumer reporting agency may develop procedures involving the use of telephone, fax, the internet, or other electronic media to receive and process a request from a consumer to temporarily lift a freeze on that consumer's credit report in an expedited manner. Source: SL 2006, ch 246, §7.