Title 36 — PROFESSIONS AND OCCUPATIONS

Any person or entity acting as an appraisal management company or performing appraisal management services in this state, except an appraisal management company that is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution regul…

No employee, director, officer, agent, independent contractor or other third party acting on behalf of an appraisal management company may: (1) Improperly influence or attempt to improperly influence the development, reporting, result, or review of a real estate appraisal; (2) In…

No appraisal management company violates § 36-21D-10 solely by asking a real estate appraiser to: (1) Consider additional, appropriate property information; (2) Provide further detail, substantiation, or explanation for the appraiser's value conclusion; or (3) Correct errors in t…

An applicant for issuance or renewal of an appraisal management company registration shall file with the Department of Labor and Regulation a surety bond with one or more corporate sureties authorized to do business in this state or an irrevocable letter of credit issued by an in…

An appraisal management company shall continuously maintain the surety bond or irrevocable letter of credit required by § 36-21D-12 on file with the Department of Labor and Regulation in the amount of twenty-five thousand dollars for the exclusive purpose of payment of the obliga…

Any person damaged by an appraisal management company's failure to pay an obligation listed in subdivision 36-21D-12(1) has a right of action against the surety bond or irrevocable letter of credit. Any action against a surety bond or irrevocable letter of credit must be filed in…

For the purposes of this chapter, the term, appraisal management company, means, in connection with valuing properties and collateralizing mortgage loans or mortgages incorporated into a securitization, any external third party authorized either by a creditor of a consumer credit…

For the purposes of this chapter, an appraisal is the act or process of developing an opinion of value of real estate for another and for compensation. Source: SL 2011, ch 184 , § 3; SL 2013, ch 180 , § 3.

The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 relating to appraisal management companies and appraisal management services in the following areas: (1) Registration of appraisal management companies; (2) Definition of terms; …

The secretary of the Department of Labor and Regulation may promulgate rules pursuant to chapter 1-26 to establish fees for registration of appraisal management companies as follows: (1) Application fees not to exceed one thousand dollars; (2) Renewal fees not to exceed one thous…

All moneys received by the Department of Labor and Regulation pursuant to this chapter shall be deposited by the department with the state treasurer. The state treasurer shall credit the moneys to the South Dakota appraisal management companies fund. Expenditure from this fund sh…

Any expenditure of money from the South Dakota appraisal management companies fund shall be made only upon appropriation by the Legislature through either the general appropriations act or a special appropriations bill. Source: SL 2011, ch 184 , § 7.

The secretary of the Department of Labor and Regulation may impose a monetary penalty not to exceed two thousand dollars on an appraisal management company registered pursuant to this chapter or on an unregistered appraisal management company performing appraisal management servi…

The secretary of the Department of Labor and Regulation may assess to a registered appraisal management company, an applicant for registration as an appraisal management company, or an unregistered appraisal management company performing appraisal management services in this stat…