AN ACT

        ENTITLED, An Act to exempt certain persons from the requirement to license as a mortgage loan originator.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That § 54-14-20.1 be amended to read as follows:
    54-14-20.1. 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 offers or negotiates terms of three or less nonresidential mortgage loans in a twelve month period.
    Section 2. That chapter 54-14 be amended by adding thereto a NEW SECTION to read as follows:
    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.
An Act to exempt certain persons from the requirement to license as a mortgage loan originator.

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I certify that the attached Act originated in the

HOUSE as Bill No. 1229

____________________________
Chief Clerk
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____________________________
Speaker of the House

Attest:

____________________________
Chief Clerk

____________________________
President of the Senate

Attest:

____________________________
Secretary of the Senate

House Bill No. 1229
File No. ____
Chapter No. ______  
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Received at this Executive Office this _____ day of _____________ ,

20____ at ____________ M.


By _________________________
for the Governor
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The attached Act is hereby approved this ________ day of ______________ , A.D., 20___

____________________________
Governor
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STATE OF SOUTH DAKOTA,
ss.
Office of the Secretary of State

Filed ____________ , 20___
at _________ o'clock __ M.

____________________________
Secretary of State

By _________________________
Asst. Secretary of State