The following entities are exempt from the requirement of a mortgage lender, mortgage brokerage, or mortgage broker license as required by this chapter: (1) Any state bank and its subsidiary; (2) Any national bank and its subsidiary; (3) Any bank holding company and its subsidiary; (4) Any other federally insured financial institution, and its holding company and subsidiary; and (5) Any South Dakota chartered trust company. Any registered mortgage loan originator, if acting for a depository institution, is exempt from the provisions of this chapter.
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