South Dakota MLO License
Mortgage Loan Originator requirements for South Dakota
NMLS Required: All South Dakota MLO applications must be submitted through the Nationwide Multistate Licensing System (NMLS).
Pre-Licensing Education
Complete 20 hours of NMLS-approved pre-licensing education (federal SAFE Act minimum).
Required Courses (20 hours total):
- • 3 hours federal law and regulations
- • 3 hours ethics (fraud, consumer protection, fair lending)
- • 2 hours nontraditional mortgage products
- • 12 hours electives
Education can be completed through online training, live instructor webinars, or classroom environment.
SAFE MLO Exam
National Component
115 scored questions + 5 unscored (3 hours 10 minutes)
State Component
No separate state exam required
Passing Score
75% on national component
Exam Fee
$110
Retake Policy: 30-day wait after 1st/2nd failure; 180-day wait after 3rd failure
Background & Credit Check
Criminal Background
FBI criminal background check via fingerprinting
Credit Report
Required
Background Check Cost
$36
Credit Report Cost
$15
Credit report pulled by NMLS. Must demonstrate financial responsibility.
Company Sponsorship
Must be employed and sponsored through NMLS by a licensed mortgage lender, mortgage brokerage licensee, or registered exempt mortgage company
Your sponsor must file a request through NMLS to add you to their license.
Fee Breakdown
| NMLS Processing Fee | $30 |
| State License Fee | $150 |
| Examination Fee | $110 |
| Background Check | $36 |
| Credit Report | $15 |
| Total Fees | $341 |
Does not include pre-licensing education costs ($200-$400). Sponsoring company may cover some fees.
Annual Renewal
Renewal Period
November 1 - December 1 annually (late fee after December 1)
Renewal Fee
$150
CE Required
8 hours annually
Online Renewal
Yes (via NMLS)
8 hours annually. CE not required in the same calendar year as pre-licensing education completion. Must be NMLS-approved.
South Dakota Division of Banking
- Official Website
- (605) 773-3421
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Last verified: 2026-01-12