The following information is required to obtain a mortgage broker license in South Dakota:

• Submit a completed and signed application along with the application fee and other required documents to the Department.
  
• Each licensee is required to file for renewal by June 15th. Licensees will be renewed on July 1st.
  
• Applicant may be required to submit an additional supplementary questionnaire upon receipt and processing of the mortgage broker's licensure application.
  
• The law requires that each applicant designate a registered agent to accept service of process. A written acceptance of the appointment by the agent must be attached.
  
• Physical office location in South Dakota is not required to obtain a Mortgage Broker License. However, a registered agent must be provided.
  
• Licensees are not required to take any tests before applying for the license.
  
• When there is a corporate name change, submit in writing specific information as to date of change, any supporting documents showing changes in corporate structure, and proof of amended certificate of authority from the Secretary of State showing a name change.
  
• The business history and current operations of the applicant must be included in the application.
  
• Include a copy of strategic plan or business plan along with the application.
  
• The director of the Department of Banking has the right to revoke or suspend any license if the licensee knowingly violates any of the provisions of the chapter, or any rule or regulation, or lending laws pertinent to mortgage banking.

Online forms and applications can be downloaded or filled and submitted online at Division of Banking Forms.

For more information, visit South Dakota Banking Home Page.