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.
South Dakota Legal Code