South Dakota Statutes
§ 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.
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South Dakota § 54-14-21 (Exemption of certain entities from licensing requirements.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 2007, ch 279, § 10; SL 2009, ch 251, § 12.
Nearby Sections
15
§ 54-1-2
Loan of money defined.§ 54-1-6
"Open account" defined.§ 54-1-7
Open account--Interest rates.§ 54-1-9
"Securitization" defined.§ 54-10-1
Definition of terms.§ 54-10-10
Value of security, determination by liquidator's sale of assets--Order of sale, requirements.§ 54-10-13
Uniformity of interpretation of chapter.