SDCL § 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) Any individual who, on, before, or after July 1, 2017, offers or negotiates terms of five or fewer nonresidential mortgage loans in a twelve-month period as long as the total amount of the loans outstanding does not exceed four million dollars.