ENTITLED, An Act to exempt certain persons from the requirement to license as a mortgage loan
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
(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
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
(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.
I certify that the attached Act
originated in the
HOUSE as Bill No. 1229
Speaker of the House
President of the Senate
Secretary of the Senate
House Bill No. 1229
File No. ____
Chapter No. ______
Received at this Executive Office
this _____ day of _____________ ,
20____ at ____________ M.
for the Governor
The attached Act is hereby
approved this ________ day of
______________ , A.D., 20___
STATE OF SOUTH DAKOTA,
Office of the Secretary of State
Filed ____________ , 20___
at _________ o'clock __ M.
Secretary of State
Asst. Secretary of State