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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Exempt Mortgage Company Registration This registration is OPTIONAL and may be held by any company who is exempt from licensure under SDCL 54-14-21 but employs individuals required to hold a Mortgage Loan Originator License under SDCL 54-14-13. (More Details)
Money Lender License This license is required of anyone engaged in the business of lending money, including creating and holding or purchasing or acquiring retail installment contracts, to be a Money Lender and subject to the licensing requirement of South Dakota Codified Law (SDCL) 54-4. Payday and title lenders are also licensed as Money Lenders under SDCL 54-4. (More Details)
Money Transmitter License This license is required of any person engaged in the business of money transmission must obtain a license from the Division of Banking. Money transmission is defined as the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location within or outside the United States by any means, including wire, facsimile or electronic transfer. A licensee may conduct business in South Dakota at one or more locations, or through one or more authorized delegates, or both, under a single license. (More Details)
Mortgage Brokerage License This license is required for any company (including a sole proprietorship) engaged in placing loans with investors for a fee, but does not service such loans. (More Details)
Mortgage Lender License This license is required for any company (including a sole proprietorship) who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages. (More Details)
Non-Residential Mortgage Lender License Any company who, for valuable consideration, originates, sells, or services nonresidential mortgage loans, shall apply for, and maintain, a nonresidential mortgage lending license. South Dakota Codified Law (SDCL) 54-4-13.5
Branch Licenses Description Requirements Checklist
Money Lender Branch License This license is required of any branch that is engaged in the business of lending money, including creating and holding or purchasing or acquiring retail installment contracts, to be a Money Lender and subject to the licensing requirement of South Dakota Codified Law (SDCL) 54-4. Payday and title lenders are also licensed as Money Lenders under SDCL 54-4. (More Details)
Mortgage Branch Registration This license is required for any branch that who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells, or services mortgages. This license should only be applied for by a company that also holds or is applying for South Dakota Mortgage Lender License, South Dakota Non-Residential Mortgage Lender License, and South Dakota Mortgage Brokerage License. SDCL 54-14-14 Any applicant for licensure or registration shall submit to the director an application on forms prescribed by the division. The forms shall include, at a minimum, all addresses at which business is to be conducted, the names and titles of each director and principal officer of the business, and a description of the business activities and experience of the applicant.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is for any individual who, for compensation or gain, or in the expectation of compensation or gain takes a mortgage loan application or offers or negotiates terms of a mortgage loan.
 

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