36-21D-1. Registration of appraisal management companies required–Injunction for violation. 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 regulatory agency, shall register with the […]
36-21D-10. Prohibited conduct–Grounds for discipline. 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)Intimidate, coerce, extort, bribe, blackmail, withhold payment for appraisal services, or threaten […]
36-21D-11. Permissible conduct. 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 the appraisal report. An appraisal management company may retain a real estate appraiser from panels or lists on […]
36-21D-12. Surety bond or irrevocable letter of credit to be filed with application for registration or renewal–Conditions. 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 […]
36-21D-13. Maintenance of surety bond or irrevocable letter of credit. 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 obligations listed in […]
36-21D-14. Action against surety bond or irrevocable letter of credit. 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 […]
36-21D-2. Appraisal management company defined. 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 transaction secured by a consumer’s principal dwelling or by an […]
36-21D-3. Appraisal defined. 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.
36-21D-4. Promulgation of rules regarding companies and services. 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; (3)Responsibilities and duties; (4)Application for and issuance of certificate of […]
36-21D-5. Promulgation of rules regarding fees. 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 thousand dollars; and (3)An additional late renewal fee […]
36-21D-6. South Dakota appraisal management companies fund. 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 shall only be paid on […]
36-21D-7. Expenditure from fund only upon appropriation. 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.
36-21D-8. Monetary penalty for violation. 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 services in this state, upon proof of a violation of […]
36-21D-9. Assessment of expenses of contested case proceeding. 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 state, all or part of the actual expenses of […]
