reglab/housing_qa huggingface dataset:
SD Codified L § 54-14-12 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-12 - Definitions.

54-14-12.Definitions.Terms used in this chapter mean:(1)"Depository institution," the same meaning as provided in 12 U.S. C. §1813(c) as of January 1, 2009, and includes any credit union;(2)"Director," the director of the Division of Banking of the Department of Labor and Regulation;(3)"Division," the Division of Banking of the Department of Labor and Regulation;(4)"Federal banking agencies," the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation;(5)"Immediate family member," a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchildren, stepsibling, and adoptive relationship;(6)"Individual," a natural person;(7)"Licensee," the person holding a license provided by this chapter;(8)"Mortgage lender," any person who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages, other than those exempt pursuant to §54-14-21;(9)"Mortgage broker," any person who acts as a mortgage loan originator and has not less than a ten percent interest in a mortgage brokerage;(10)"Mortgage brokerage," any person engaged in placing mortgage loans with investors for a fee, but does not service such loans;(11)"Mortgage lending activities," for compensation, either directly or indirectly, accepting or offering to accept applications for making mortgage loans;(12)"Nationwide mortgage licensing system and registry," a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators;(13)"Regional revolving loan fund," any regional revolving loan fund with a service area of at least five South Dakota counties, a designated staff for loan processing and servicing, a loan portfolio of at least one million dollars, and which is governed by a board of directors that meets at least quarterly;(14)"Residential mortgage loan," any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in 12 C.F.R. §226.2(19), or residential real estate upon which is constructed or intended to be constructed a dwelling;(15)"Unique identifier," a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. Source: SL 2007, ch 279, §1; SL 2008, ch 255, §1; SL 2009, ch 251, §1; SL 2011, ch 1 (Ex. Ord. 11-1), §36, eff. Apr. 12, 2011.
SD Codified L § 54-14-12.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-12.1 - Loan processor or underwriter defined.

54-14-12.1. Loan processor or underwriter defined.For the purposes of this chapter, the term, loan processor or underwriter, means any individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed according to this chapter, or a person exempt according to this chapter. Clerical or support duties subsequent to the receipt of an application include the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan; and communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that the communication does not include offering or negotiating loan rates or terms, or counseling consumers about mortgage loan rates or terms.No individual engaging solely in loan processor or underwriter activities may represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the individual can or will perform any of the activities of a mortgage loan originator. Source: SL 2009, ch 251, §2.
SD Codified L § 54-14-12.2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-12.2 - Mortgage loan originator defined.

54-14-12.2. Mortgage loan originator defined.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. Source: SL 2009, ch 251, §3.
SD Codified L § 54-14-12.3 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-12.3 - Real estate brokerage activity defined.

54-14-12.3. Real estate brokerage activity defined.For the purposes of this chapter, the term, real estate brokerage activity, means any activity that involves offering or providing real estate brokerage services to the public, including:(1)Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;(2)Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;(3)Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);(4)Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law;(5)Offering to engage in any activity, or act in any capacity, described in this section. Source: SL 2009, ch 251, §4.
SD Codified L § 54-14-12.4 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-12.4 - Registered mortgage loan originator defined.

54-14-12.4. Registered mortgage loan originator defined.For the purposes of this chapter, the term, registered mortgage loan originator, means any individual who:(1)Meets the definition of mortgage loan originator and is an employee of:(a)A depository institution;(b)A subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency; or(c)An institution regulated by the Farm Credit Administration; and(2)Is registered with, and maintains a unique identifier through, the nationwide mortgage licensing system and registry. Source: SL 2009, ch 251, §5.
SD Codified L § 54-14-13 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13 - License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.

54-14-13. License required for mortgage lenders, brokerage, brokers, and loan originators--Identification through nationwide mortgage licensing system and registry--Exemption.No person may act as a mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator in this state or use the title, mortgage lender, mortgage brokerage, mortgage broker, or mortgage loan originator with respect to any property located in South Dakota without first obtaining and maintaining a license according to the requirements of this chapter. Each person shall be licensed or registered, and maintain a unique identifier through the nationwide mortgage licensing system and registry.The requirements of this chapter, except for the provisions of chapter 10-43 as referenced in §54-14-30, do not apply to any person who, on, before, or after July 1, 2017, originates, sells, or services 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. The exemption under this section applies jointly to every entity in which a person has an equity interest, whether the loan or loans are made by that person or through an entity in which the person holds an equity interest.Any person exempted by the provisions of this section shall report to the division annually, no later than December thirty-first of 2017, and every subsequent year for any year in which nonresidential mortgage loans are originated, sold, or serviced. The annual report shall contain the name and address of the person who originated, sold, or serviced nonresidential mortgage loans, the number of nonresidential mortgage loans originated, sold, or serviced in the preceding calendar year, and the total balance of all nonresidential mortgage loans originated, sold, or serviced. Source: SL 2007, ch 279, §2; SL 2009, ch 251, §6; SL 2017, ch 207, §1.
SD Codified L § 54-14-13.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13.1 - Mortgage loan originator license--Required findings.

54-14-13.1.(See §54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.The director may not issue a mortgage loan originator license unless the director makes the following findings:(1)The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the revocation may be considered by the director;(2)The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:(a)During the seven year period preceding the date of the application for licensing and registration; or(b)At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.No pardon of a conviction may be considered a conviction for purposes of this subdivision;(3)The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subdivision, an applicant shows a lack of financial responsibility if the applicant has shown a disregard in the management of his or her own financial affairs. Factors to be considered may include current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other governmental liens and filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years;(4)The applicant has completed the pre-licensing education requirement provided for by rule pursuant to §54-14-31;(5)The applicant has passed a written test that meets the test requirement provided for by rule pursuant to §54-14-31; and(6)The applicant has met the surety bond requirement as required by §54-14-24 and provided for by rule pursuant to §54-14-24. Source: SL 2009, ch 251, §7.
SD Codified L § 54-14-13.2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13.2 - Mortgage loan originator license--Renewal standards.

54-14-13.2.(See §54-14-13.3 for effective dates) Mortgage loan originator license--Renewal standards.The minimum standards for license renewal for mortgage loan originators shall include the following:(1)The mortgage loan originator continues to meet the minimum standards for license issuance under subdivisions 54-14-13.1(1) to (5), inclusive; and(2)The mortgage loan originator has satisfied the annual continuing education requirements provided by rule pursuant to §54-14-31. Source: SL 2009, ch 251, §9.
SD Codified L § 54-14-13.3 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13.3 - Effective dates of §§ 54-14-13.1 and 54-14-13.2.

54-14-13.3. Effective dates of §§54-14-13.1 and 54-14-13.2.The effective dates of §§54-14-13.1 and 54-14-13.2 are as follows:(1)July 31, 2010, for any individual other than an individual described in subdivision (2); and(2)December 31, 2010, for any individual licensed as a mortgage loan originator as of July 1, 2009. Source: SL 2009, ch 251, §28.
SD Codified L § 54-14-13.4 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13.4 - License required for loan processor or underwriter--Identification through nationwide mortgage licensing system and registry.

54-14-13.4. License required for loan processor or underwriter--Identification through nationwide mortgage licensing system and registry.No loan processor or underwriter who is an independent contractor may engage in the activities of a loan processor or underwriter unless the loan processor or underwriter obtains and maintains a license under this chapter. Each loan processor or underwriter who is an independent contractor licensed as a mortgage loan originator shall have and maintain a valid unique identifier issued by the nationwide mortgage licensing system and registry. Source: SL 2009, ch 251, §13.
SD Codified L § 54-14-13.5 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-13.5 - License required for company originating, selling, or servicing nonresidential mortgage loans.

54-14-13.5. License required for company originating, selling, or servicing nonresidential mortgage loans.Any company who, for valuable consideration, originates, sells, or services nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in §54-14-30. The tax required in §54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in §54-14-24 does not apply to a company licensed under this section.Any individual solely employed by or solely acting as an intermediary on behalf of a company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of a company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any company or its employees or intermediaries licensed pursuant to this section. Source: SL 2009, ch 251, §27; SL 2012, ch 252, §28.
SD Codified L § 54-14-14 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-14 - Application for licensure or registration.

54-14-14. Application for licensure or registration.Any applicant for licensure or registration shall submit to the director an application on forms prescribed by the division. The forms shall include, at a minimum, all addresses at which business is to be conducted, the names and titles of each director and principal officer of the business, and a description of the business activities and experience of the applicant. Source: SL 2007, ch 279, §3.
SD Codified L § 54-14-15 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-15 - Information to be furnished to nationwide mortgage licensing system and registry--Distribution of information--Criminal background check.

54-14-15. Information to be furnished to nationwide mortgage licensing system and registry--Distribution of information--Criminal background check.In connection with an application for licensing as a mortgage lender, mortgage broker, or mortgage loan originator, the applicant shall furnish to the nationwide mortgage licensing system and registry information concerning the applicant's identity, including:(1)Fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information, for a state, national, and international criminal history background check; and(2)Personal history and experience in a form prescribed by the nationwide mortgage licensing system and registry, including the submission of authorization for the nationwide mortgage licensing system and registry and the director to obtain:(a)An independent credit report from a consumer reporting agency described in 15 U.S.C. §1681(a) as of January 1, 2009; and(b)Information related to any administrative, civil, or criminal findings by any governmental jurisdiction.The Division of Banking may require a state and federal criminal background check for any licensee who is the subject of a disciplinary investigation by the division. Failure to submit or cooperate with the criminal background investigation is grounds for denial of an application or may result in revocation of a license. The applicant shall pay for any fees charged for the cost of fingerprinting or the criminal background investigation.The director may use the nationwide mortgage licensing system and registry as a channeling agent for requesting information from and distributing information to the United States Department of Justice or any governmental agency. The director may use the nationwide mortgage licensing system and registry as a channeling agent for requesting and distributing information to and from any source so directed by the director. Source: SL 2007, ch 279, §4; SL 2009, ch 251, §8.
SD Codified L § 54-14-16 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-16 - Fees.

54-14-16. Fees.The applicant for an initial license shall submit a fee in the amount of not more than two hundred fifty dollars for a mortgage loan originator, not more than five hundred dollars for a mortgage broker or mortgage brokerage license, and not more than one thousand dollars for a mortgage lender license. The director shall establish the fees by rules promulgated pursuant to chapter 1-26. Source: SL 2007, ch 279, §5; SL 2009, ch 251, §10.
SD Codified L § 54-14-17 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-17 - License and registration not assignable.

54-14-17. License and registration not assignable.No license or registration granted pursuant to this chapter is assignable. Source: SL 2007, ch 279, §6.
SD Codified L § 54-14-18 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-18 - Expiration of license or registration.

54-14-18. Expiration of license or registration.Any license or registration granted under this chapter expires on the following December thirty-first after its issuance. Source: SL 2007, ch 279, §7.
SD Codified L § 54-14-19 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-19 - Fees for renewal of license.

54-14-19. Fees for renewal of license.Any application for renewal of a license under this chapter shall be postmarked to the director by December first and shall be accompanied by a fee to be established by the director by rules promulgated pursuant to chapter 1-26. The fee to transact business as a mortgage loan originator may not exceed two hundred fifty dollars. The fee to transact business as a mortgage broker or mortgage brokerage may not exceed five hundred dollars. The fee to transact business as a mortgage lender may not exceed one thousand dollars. Any licensee or registrant that files for renewal after December first and before January first of the next calendar year shall pay a late fee in addition to the renewal fee. The late fee, not to exceed twenty-five percent of the renewal fee, shall be established by the director by rules promulgated pursuant to chapter 1-26. After January first no license may be issued unless an application is filed pursuant to §§54-14-13 to 54-14-16, inclusive. Source: SL 2007, ch 279, §8; SL 2009, ch 251, §11.
SD Codified L § 54-14-20 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-20 - Exemption of certain entities from chapter.

54-14-20. Exemption of certain entities from chapter.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 corporation formed pursuant to chapter 47-22; 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 requirements of this chapter. Source: SL 2007, ch 279, §9; SL 2008, ch 256, §1; SL 2009, ch 251, §24.
SD Codified L § 54-14-20.1 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-20.1 - Exemption of certain persons from mortgage loan originator license requirement.

54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement.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. Source: SL 2009, ch 251, §23; SL 2012, ch 237, §1; SL 2017, ch 207, §2.
SD Codified L § 54-14-20.2 (2021)
2021 South Dakota Codified Laws|Title 54 - Debtor and Creditor|Chapter 14 - Mortgage Lender Business|Section 54-14-20.2 - Exemption of attorneys from mortgage loan originator license requirement.

54-14-20.2. Exemption of attorneys from mortgage loan originator license requirement.Any attorney licensed in this state performing activities that come within the definition of a mortgage loan originator, is not required to be licensed as a mortgage loan originator if such activities are:(1)Considered by the South Dakota Supreme Court to be part of the authorized practice of law in South Dakota;(2)Carried out within an attorney-client relationship; and(3)Accomplished by the attorney in compliance with all applicable laws, rules, and standards of professional conduct. Source: SL 2012, ch 237, §2.