All South Dakota licensesMU2 documents Credit report explanations; Verification of experience
South Dakota
Mortgage Lender License
Chart-sourced
- Agency
- South Dakota Division of Banking
- Statute
- SDCL 54-14-13
Who may need this license
Detailed scope guidance is being verified against the current NMLS checklist.
Estimated filing costs
- Application fee
- $750
- License fee
- $0
- NMLS fee
- $120
Financial requirements
- Financial statement (new application)
- Audited or Unaudited if certified
- Annual financial statement
- Audited or Unaudited if certified
- Net worth
- Not on file
Bonding
- Surety bond required
- Yes
- Minimum bond amount
- $25,000
Control-person and background requirements
- Credit report roles
- Direct Owners: Yes; Indirect Owners: Yes
- Criminal background check roles
- Direct Owners / Executive Officers: 25%; Indirect Owners: 25%
Ongoing reporting
- MCR — Mortgage Call Report
- Required
- SSSF — State-Specific Supplemental Form
- Required
- UAAR — UAAR
- Not required
A periodic report of loan origination and servicing activity filed through NMLS.
A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.
A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)
Advance-change notice timing
- Legal name change notice
- 30 days
- Main address change notice
- 30 days
Informational only — not legal advice. Requirements change without notice; verify with NMLS and the applicable state regulator before relying on any item. Source data © CSBS/NMLS; presented with restructured, paraphrased content and attribution.