News

For Immediate Release

3/28/07

Craig Markhardt, President of the South Dakota Association of Mortgage Brokers announces the signing of Senate bill #165 by Governor Mike Rounds on March 15^th. The new statute had unanimous approval from both the Senate and the House of Representatives during the 82^nd Legislative session and was actively supported by the South Dakota Division of Banking.

The law is designed to be a proactive measure to protect consumers and enhance the professional standards within the mortgage industry. New requirements include updated licensing of mortgage brokers, registration of mortgage loan originators, and undergoing a criminal background check from the Division of Banking. The measure will also require mortgage brokers and mortgage lenders to obtain a $25,000 surety bond. All mortgage brokers, mortgage lenders, and loan originators will now be required to obtain annual continuing education coursework beginning in 2008.

The South Dakota Association of Mortgage Brokers is an affiliate of the National Association of Mortgage Brokers, and became a state affiliate on March 16, 2004. Its goal is to strengthen the mortgage finance industry and to provide the citizens of South Dakota safe, qualified, and experienced advice when they are looking for a mortgage. The South Dakota Association has a quickly expanding membership consisting of mortgage brokers, lenders and originators. You can find more information on the South Dakota Association of Mortgage Brokers at our web site, www.SDAMB.org

SDAMB introduces legislation at the 2007 Congressional Session in Pierre

The bill repeals the current, weak legislation and implements a new, more stringent and detailed procedure for obtaining a mortgage brokers license and implements a registry for all loan originators and processors in order to maintain a high standard of integrity and professionalism in the industry. The bill is currently before the legislature for review. You can see the bill and its progress at the following link:

Bill #165 Link:

http://legis.state.sd.us/sessions/2007/DisplayBill.aspx

click: "Quick Find," enter: 165, click: "get bill(s)"