reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-13.2 - (See §54-14-13.3 for effective dates) 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 14 - Mortgage Lender Business › Section 54-14-40 - Remote work--Requirements.

54-14-40. Remote work--Requirements.
An employee of a licensee may work in a remote location other than the business location identified pursuant to §54-14-14, if the licensee:
(1)Ensures in-person interactions with consumers are not conducted at the remote location and the remote location is not represented to consumers as a business location;
(2)Maintains secure virtual private networks and other appropriate safeguards for licensee and consumer data, information, and records;
(3)Employs appropriate risk-based monitoring and oversight processes of work performed from a remote location and maintains records of the processes;
(4)Ensures consumer information and records are not maintained at the remote location;
(5)Ensures consumer and licensee information and records remain accessible and available for regulatory oversight and examination; and
(6)Provides appropriate employee training to keep all conversations about and with consumers conducted from the remote location confidential, as if conducted from the business location, and to ensure remote employees work in an environment that maintains confidentiality.
Source: SL 2022, ch 179, §2.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-8 - Conditions for removing or temporarily lifting security freeze.

54-15-8. Conditions for removing or temporarily lifting security freeze.
A consumer reporting agency shall remove or temporarily lift a freeze placed on a consumer's credit report only in the following cases:
(1)Upon a consumer's request pursuant to §54-15-6 or 54-15-11; or
(2)When the consumer's credit report was frozen due to a material misrepresentation of fact by the consumer. When a consumer reporting agency intends to remove a freeze upon a consumer's credit report under this subdivision, the consumer reporting agency shall notify the consumer in writing prior to removing the freeze on the consumer's credit report.
Source:
SL 2006, ch 246, §8.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-9 - Treatment of credit or other application as incomplete for denial of limited access to credit information.

54-15-9. Treatment of credit or other application as incomplete for denial of limited access to credit information.
If a third party requests access to a consumer credit report on which a security freeze is in effect, and this request is in connection with an application for credit or any other use, and the consumer does not allow the consumer's credit report to be accessed for that specific party or period of time, the third party may treat the application as incomplete.
Source:
SL 2006, ch 246, §9.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-10 - Disclosure of process for placing and temporarily lifting security freeze or allowing limited access to information.

54-15-10. Disclosure of process for placing and temporarily lifting security freeze or allowing limited access to information.
If a consumer requests a security freeze, the consumer reporting agency shall disclose the process of placing and temporarily lifting a freeze, and the process for allowing access to information from the consumer's credit report for a specific party or period of time while the freeze is in place.
Source:
SL 2006, ch 246, §10.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-11 - Removal of security freeze--Request for removal.

54-15-11. Removal of security freeze--Request for removal.
A security freeze under §54-15-4 shall remain in place until the consumer reporting agency receives a request from the consumer to remove the freeze. A consumer reporting agency shall remove a security freeze within three business days of receiving a request for removal from the consumer. If making a request under this section, a consumer shall provide to the consumer reporting agency:
(1)Proper identification, as defined in subdivision 54-15-6(1); and
(2)The unique personal identification number or password provided by the consumer reporting agency pursuant to §54-15-5.
Any request for removal under this section shall be made to a point of contact designated by the consumer reporting agency to receive the request.
Source:
SL 2006, ch 246, §11; SL 2018, ch 274, §1.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-12 - Use of credit report by certain persons and entities not subject to chapter.

54-15-12. Use of credit report by certain persons and entities not subject to chapter.
This chapter does not apply to the use of a consumer credit report by any of the following:
(1)A person, or a subsidiary, affiliate, or agent of that person, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a financial obligation owed by the consumer to that person in conjunction with the proposed purchase of the financial obligation, with which the consumer has or had prior to assignment an account or contract, including a demand deposit account, or to whom the consumer issued a negotiable instrument for the purposes of reviewing the account or collecting the financial obligation owed for the account, contract, or negotiable instrument. The term, reviewing the account, includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements;
(2)A subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted under §54-15-6 for purposes of facilitating the extension of credit or other permissible use;
(3)Any federal, state, or local entity, including a law enforcement agency or court;
(4)A private collection agency acting under a court order, warrant, or subpoena;
(5)A child support agency acting under Title IV-D of the Social Security Act (42 U.S.C. et seq.);
(6)The Department of Social Services acting to fulfill any of its statutory responsibilities;
(7)The Internal Revenue Service acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities;
(8)The use of credit information for the purposes of prescreening as provided for by the federal Fair Credit Reporting Act;
(9)Any person or entity administering a credit file monitoring subscription service to which the consumer has subscribed;
(10)Any person or entity for the purpose of providing a consumer with a copy of the consumer's credit report upon the consumer's request; and
(11)Any person or entity for use in setting or adjusting a rate, adjusting a claim, or underwriting for insurance purposes.
Source:
SL 2006, ch 246, §12.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-13 - Written confirmation of changes to report while security freeze in place.

54-15-13. Written confirmation of changes to report while security freeze in place.
If a security freeze is in place, a consumer reporting agency may not change any name, date of birth, social security number, or address in a consumer credit report without sending a written confirmation of the change to the consumer within thirty days of the change being posted to the consumer's file. Written confirmation is not required for technical modifications of a consumer's official information, including name and street abbreviations, complete spellings, or transposition of numbers or letters. In the case of an address change, the written confirmation shall be sent to both the new address and to the former address.
Source:
SL 2006, ch 246, §13.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-14 - Resellers of credit information not required to place security freeze.

54-15-14. Resellers of credit information not required to place security freeze.
No consumer reporting agency is required to place a security freeze in a consumer credit report if the consumer reporting agency acts only as a reseller of credit information by assembling and merging information contained in the data base of another consumer reporting agency or multiple consumer reporting agencies, and does not maintain a permanent data base of credit information from which new consumer credit reports are produced. However, a consumer reporting agency shall honor any security freeze placed on a consumer credit report by another consumer reporting agency.
Source:
SL 2006, ch 246, §14.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-15 - Certain entities not required to place security freeze .

54-15-15. Certain entities not required to place security freeze.
The following entities are not required to place a security freeze in a consumer credit report pursuant to this chapter:
(1)A check services or fraud prevention services company, which issues reports on incidents of fraud or authorizations for the purpose of approving or processing negotiable instruments, electronic funds transfers, or similar methods of payments; and
(2)A deposit account information service company, which issues reports regarding account closures due to fraud, substantial overdrafts, ATM abuse, or similar negative information regarding a consumer, to inquiring banks or other financial institutions for use only in reviewing a consumer request for a deposit account at the inquiring bank or financial institution.
Source:
SL 2006, ch 246, §15.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-16 - Furnishing of information to governmental agency when security freeze in place.

54-15-16. Furnishing of information to governmental agency when security freeze in place.
A consumer reporting agency may furnish to a governmental agency a consumer's name, address, former address, places of employment, or former places of employment even if a security freeze is in place.
Source:
SL 2006, ch 246, §16.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 15 - Security Freeze On Credit Report › Section 54-15-17 - Fee for placement or removal of security freeze prohibited.

54-15-17. Fee for placement or removal of security freeze prohibited.
A consumer reporting agency is prohibited from charging a fee for a placement or removal of a security freeze under this chapter.
Source:
SL 2018, ch 273, §2.
2023 South Dakota Codified Laws › Title 54 - Debtor and Creditor › Chapter 16 - Credit Reporting Security Freeze For Protected Consumers › Section 54-16-1 - Definitions.

54-16-1. Definitions.
Terms used in this chapter mean:
(1)"Protected consumer," a person who is under the age of sixteen years at the time a request for the placement of a security freeze is made or an incapacitated person or a protected person for whom a guardian or conservator has been appointed;
(2)"Record," a compilation of information that is created by a consumer reporting agency solely for the purpose of complying with this section, identifies a protected consumer, and may not be used to consider the protected consumer's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living;
(3)"Representative," a person who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a protected consumer;
(4)"Security freeze," a notice placed on a consumer's credit report that prohibits a 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 protected person's representative;
(5)"Sufficient proof of authority," documentation that shows a representative has authority to act on behalf of a protected consumer and includes an order issued by a court of law, a lawfully executed and valid power of attorney, or a notarized statement signed by a representative that expressly describes the authority of the representative to act on behalf of a protected consumer;
(6)"Sufficient proof of identification," information or documentation that identifies a protected consumer or a representative of a protected consumer and includes a social security number or a copy of a social security card issued by the social security administration, a certified or official copy of a birth certificate, or a copy of a driver license, an identification card issued by the motor vehicle administration, or any other government issued identification.
Source:
SL 2016, ch 230, §1.