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Money Lenders — Exemptions

Entities that are exempt from SDCL 54-4 are:

• Any state bank and its subsidiary;
• Any national bank and its subsidiary;
• Any bank holding company and its subsidiary;
• Any other federally insured financial institution, its holding company and subsidiary; and
• Any South Dakota charted trust company.
• Any person selling goods or services and providing financing for such goods or services are exempt from the licensing requirements of SDCL 54-4.

Partial Exemptions:

The State of South Dakota, any political subdivision of the state, and any quasi-governmental organization created by an executive order of the State of South Dakota and any subsidiary of such organization; any nonprofit corporation formed pursuant to SDCL Chapter 47-22; any nonprofit United States Treasury Community Development Financial Institution, Small Business Administration Certified Development Company, or Regional Revolving Loan Fund; or any commercial club, chamber of commerce, or industrial development corporation formed pursuant to SDCL 9-12-11 or SDCL 9-27-37 is subject to this chapter but exempt from initial license fees, renewal fees, and surety bond requirements under this chapter.