Section 54-14-13.5 - License required for insurance company lending money for nonresidential mortgageloans. - South-dakota Statutes

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Statutes > South-dakota > Title-54 > Chapter-14 > Statute-54-14-13-5

54-14-13.5. License required for insurance company lending money for nonresidential mortgage loans. Any insurance company lending money for nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in § 54-14-30. Any insurance company required to obtain a license under this section shall become licensed no later than December 31, 2009. The tax required in § 54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § 54-14-24 does not apply to an insurance company licensed under this section.
Any individual solely employed by or solely acting as an intermediary on behalf of an insurance company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of an insurance company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.
The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any insurance company or its employees or intermediaries licensed pursuant to this section.

Source: SL 2009, ch 251, § 27.

State Codes and Statutes

Statutes > South-dakota > Title-54 > Chapter-14 > Statute-54-14-13-5

54-14-13.5. License required for insurance company lending money for nonresidential mortgage loans. Any insurance company lending money for nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in § 54-14-30. Any insurance company required to obtain a license under this section shall become licensed no later than December 31, 2009. The tax required in § 54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § 54-14-24 does not apply to an insurance company licensed under this section.
Any individual solely employed by or solely acting as an intermediary on behalf of an insurance company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of an insurance company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.
The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any insurance company or its employees or intermediaries licensed pursuant to this section.

Source: SL 2009, ch 251, § 27.

State Codes and Statutes

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State Codes and Statutes

Statutes > South-dakota > Title-54 > Chapter-14 > Statute-54-14-13-5

54-14-13.5. License required for insurance company lending money for nonresidential mortgage loans. Any insurance company lending money for nonresidential mortgage loans, shall apply for, on forms prescribed by the director, and maintain, a mortgage lending license and is subject to the tax as provided in § 54-14-30. Any insurance company required to obtain a license under this section shall become licensed no later than December 31, 2009. The tax required in § 54-14-30 shall be imposed only on those loans funded after December 31, 2009. The requirement of a surety bond as provided in § 54-14-24 does not apply to an insurance company licensed under this section.
Any individual solely employed by or solely acting as an intermediary on behalf of an insurance company licensed pursuant to this section is not required to hold an individual license under this chapter. Any individual acting as an intermediary, on behalf of an insurance company licensed as provided in this section, shall be disclosed to the director during the application process and annually thereafter.
The requirements of registration with the nationwide mortgage licensing system and registry do not apply to any insurance company or its employees or intermediaries licensed pursuant to this section.

Source: SL 2009, ch 251, § 27.