The State of South Dakota considers anyone engaged in the business of lending money, including creating and holding or purchasing or acquiring retail installment contracts, to be a Money Lender and subject to the licensing requirements of South Dakota Codified Law (SDCL) 54-4.
Payday and title lenders are also licensed as Money Lenders under SDCL 54-4. The Money Lender License Application is available in Adobe .pdf format at the link below under Forms. All application materials must be one-sided documents. Additionally, a money lender application can be submitted through the Nationwide Mortgage Licensing System & Registry (NMLS).
The NMLS website provides step-by-step instructions on how to access the system, guides on how to complete the MU forms, each state's transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information.
The following forms are available in Adobe .pdf format*.
Please note: Any changes to application data, such as change of address, contact person, ownership, etc. must be reported to the Division of Banking via an amendment on the application form.
South Dakota Codified Law (SDCL) 54-4 on Money Lending Licenses
Administrative Rules of South Dakota (ARSD) Chapter 20:07:20 on Money Lending Licensees
U.S. Department of Defense Rule on Military Lending (in Adobe .pdf format*)
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