On July 1, the South Dakota Division of Banking will join more than 25 other state agencies in requiring that applicants for certain licenses submit electronic surety bonds via the NMLS in lieu of paper bonds. Current South Dakota licensees (as identified below) will have until the end of 2020 to convert their paper bonds to electronic ones.

Other states with approaching bond conversion deadlines are Kansas, Nebraska, and Tennessee. Impacted licensees should convert their bonds as soon as possible — especially Kansas licensees!

 

Electronic surety bond conversion deadlines

State Licenses Conversion Deadline
Kansas
  • Money transmitter license
  • Mortgage company license
  • Supervised loan license
August 31, 2019
Tennessee
  • Industrial loan and thrift registration
  • Money transmitter license
  • Flexible credit license
  • Mortgage license
  • Title pledge lender license
December 31, 2019
Nebraska
  • Mortgage banker license
  • Mortgage banker registration
  • Installment loan company license
  • Installment sale company license
  • Money transmitter license
January 31, 2020
South Dakota
  • Exempt mortgage company registration
  • Mortgage brokerage license
  • Mortgage lender license
  • Money lender license
  • Money transmitter license
December 31, 2020