Section 54-14-20.1 - Exemption of certain persons from mortgage loan originator license requirement. - South Dakota Statutes

54-14-20.1. Exemption of certain persons from mortgage loan originator license requirement. 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) A licensed attorney who negotiates the terms of a mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, mortgage brokerage, mortgage broker, or other mortgage loan originator or by any agent of the lender, mortgage broker, or other mortgage loan originator.

Source: SL 2009, ch 251, § 23.