AMENDMENT FOR PRINTED BILL
154ja

___________________ moved that SB 154 be amended as follows:

     On the printed bill, delete everything after the enacting clause and insert:

"      Section 1. That § 54-4-40 be amended to read as follows:

     54-4-40.   Any person who engages in the business of lending money shall apply for a license as prescribed by §§ 54-4-36 to 54-4-63, inclusive. The applicant shall apply for a license under oath on forms supplied by the division. The application shall contain the name of the applicant's business, proof of surety bond, address of the business, and other information as required by the director by rule or order. The applicant shall pay an original license fee as set by rules of the commission promulgated pursuant to chapter 1-26 not to exceed one thousand dollars. If the application of an existing licensee is for an additional location, the application need only include the location and identity of the location manager, plus any changes from the existing license, or such other information the director may consider necessary. Nonprofit corporations formed pursuant to chapter 47-22 and lending entities of the State of South Dakota and any of its political subdivisions are subject to this chapter but are exempt from initial license fees, renewal fees, and surety bond requirements under this chapter.

     Section 2. That § 54-14-2 be amended to read as follows:

     54-14-2.   Any person who engages in the business of a mortgage banker or mortgage broker shall obtain an original license to engage in such business under the terms and conditions of this chapter, shall apply therefor under oath, on forms prescribed by the division, and shall pay an original, nonrefundable license fee as set by rules of the commission promulgated pursuant to chapter 1-26. The fee for a mortgage banker license may not exceed one thousand dollars and the fee for a mortgage broker license may not exceed five hundred dollars. If the application is approved, a license shall be issued.

     To renew a license, the licensee shall file for renewal by June fifteenth. Licenses shall be renewed on July first. The commission shall establish a renewal license fee by rules promulgated pursuant to chapter 1-26. The renewal fee for a mortgage banker license may not exceed one thousand dollars and the renewal fee for a mortgage broker license may not exceed five hundred dollars. Nonprofit corporations formed pursuant to chapter 47-22 and lending entities of the State of South Dakota and any of its political subdivisions are subject to this chapter but are exempt from initial license fees, renewal fees, and surety bond requirements under this chapter. ".