{"data":{"id":"us-sd/sdcl-54-14-13.1","jurisdiction":"us-sd","citation":"SDCL § 54-14-13.1","heading":"(See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.","body":"The director may not issue a mortgage loan originator license unless the director makes the following findings:\n(1) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. No revocation for which there has been a subsequent formal vacation of the revocation may be considered by the director;\n(2) The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:\n(a) During the seven year period preceding the date of the application for licensing and registration; or\n(b) At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.\nNo pardon of a conviction may be considered a conviction for purposes of this subdivision;\n(3) The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. For purposes of this subdivision, an applicant shows a lack of financial responsibility if the applicant has shown a disregard in the management of his or her own financial affairs. Factors to be considered may include current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other governmental liens and filings; foreclosures within the past three years; or a pattern of seriously delinquent accounts within the past three years;\n(4) The applicant has completed the pre-licensing education requirement provided for by rule pursuant to § 54-14-31;\n(5) The applicant has passed a written test that meets the test requirement provided for by rule pursuant to § 54-14-31; and\n(6) The applicant has met the surety bond requirement as required by § 54-14-24 and provided for by rule pursuant to § 54-14-24.","path":["TITLE 54. DEBTOR AND CREDITOR","CHAPTER 54-14. MORTGAGE LENDER BUSINESS"],"source_url":"https://sdlegislature.gov/Statutes/54-14-13.1","current_through":"2026-08-31","vintage":"","retrieved_at":"2026-09-03T15:18:57Z","sha256":"b07e65b872b9a80ec5e15cd1a6db5fe941ef58fa649cc8435f5d766a41520128","source_id":"us-sd","stale":true,"prev":"us-sd/sdcl-54-14-13","next":"us-sd/sdcl-54-14-13.2"},"notice":"GroundRules: Original legal text. Not legal advice."}