For the purposes of this chapter, the term, mortgage loan originator, means an 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. A mortgage loan originator does not include:
- (1) An individual engaged solely as a loan processor or underwriter except as otherwise provided in § 54-14-12.1
- (2) An individual or entity that performs only real estate brokerage activities and is licensed or registered in accordance with applicable South Dakota law, unless the individual or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; or
- (3) Any individual or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. § 101(53D) as of January 1, 2009.
Source: SL 2009, ch 251 , § 3.