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.