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Financial Services Law Insights and Observations

South Dakota to License Mortgage Lenders, Brokers and Loan Originators Via NMLS

State Issues

On March 16, South Dakota Governor M. Michael Rounds signed House Bill 1060 (the Bill), which allows for the licensing of mortgage lenders, brokers, and loan originators through the Nationwide Mortgage Licensing System (NMLS) and provides standards for information sharing by the South Dakota Division of Banks. Among other things, the Bill provides the NMLS application procedures applicable to mortgage lenders, brokers, and loan originators.