20:77:01:03.  Controlling person. A "controlling person," is one or more of the following:

          (1)  An officer or director of an appraisal management company, or an individual that holds 10% or greater ownership interest in an appraisal management company;

          (2)  An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with clients for performance of appraisal services and that has the authority to enter into agreements with independent appraisers for the completion of appraisals; or

          (3)  An individual who possesses the power to direct or cause the direction of the management or policies of an appraisal management company.

          Source: 38 SDR 40, effective September 20, 2011.

          General Authority: SDCL 36-21D-4.

          Law Implemented: SDCL 36-21D-4(2).