South Dakota § 54-14-13.1 - (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.

§ 54-14-13.1. (See § 54-14-13.3 for effective dates) Mortgage loan originator license--Required findings.

The director may not issue a mortgage loan originator license unless the director makes the following findings:

(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;

(2)    The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:

(a)    During the seven year period preceding the date of the application for licensing and registration; or

(b)    At any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering.

No pardon of a conviction may be considered a conviction for purposes of this subdivision;

(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;

(4)    The applicant has completed the pre-licensing education requirement provided for by rule pursuant to § 54-14-31;

(5)    The applicant has passed a written test that meets the test requirement provided for by rule pursuant to § 54-14-31; and

(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.

Source: SL 2009, ch 251, § 7.