South Dakota § 54-14-13.1 (See §

South Dakota Statutes

§ 54-14-13.1 — (See §

South Dakota § 54-14-13.1

Title 54DEBTOR AND CREDITOR

Ch. 54-13MORTGAGE LENDER BUSINESS

This text of South Dakota § 54-14-13.1 ((See §) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 54-14-13.1 (2026).

Text

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 pur

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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 .