Section 54-14-22 - Service under licensed mortgage broker, brokerage, or lender required for licenseeligibility--Exemption for certain licensees. - South Dakota Statutes

54-14-22. Service under licensed mortgage broker, brokerage, or lender required for license eligibility--Exemption for certain licensees. Any person shall complete the equivalent of two years of service under the supervision and direction of a licensed mortgage broker, mortgage brokerage, or mortgage lender, or another jurisdiction's equivalent thereof, before that person is eligible to apply for a mortgage broker's, mortgage brokerage's, or mortgage lender's license. No mortgage broker, mortgage brokerage, or mortgage lender is eligible for a license without such training and experience. The director may promulgate rules pursuant to chapter 1-26 with regard to such training and experience. Any person licensed as a mortgage broker or mortgage lender with the director prior to July 1, 2007, is exempt from this requirement.

Source: SL 2007, ch 279, § 11; SL 2009, ch 251, § 25.