CHAPTER 20:77:03
APPLICATION PROCEDURE
Section
20:77:03:01 Application for registration.
20:77:03:02 Uniform consent to service of process.
20:77:03:03 Term of registration.
20:77:03:04 Registration renewal.
20:77:03:05 Late renewal.
20:77:03:06 Change of ownership -- new application.
20:77:03:01. Application for registration. An appraisal management company desiring to provide appraisal management services in South Dakota shall apply in writing for a certificate of registration on a form approved by the secretary. An application is valid for 90 days. The secretary may extend the time for an application upon the written request of the applicant or to allow the applicant reasonable time to comply with the department's request for information or records. The registration fee prescribed in § 20:77:04:01 must accompany the application form. The application form must contain the following:
(1) Legal name and any trade or business name of the appraisal management company;
(2) Business contact information;
(3) Name and contact information of the designated officer and all other controlling persons;
(4) Name and contact information for any owner who has had an appraiser license or certificate refused, denied, cancelled, surrendered in lieu of revocation, or revoked in any state for substantive cause;
(5) Name and contact information for any person who owns more than ten percent of the appraisal management company;
(6) A signed irrevocable Uniform Consent to Service of Process;
(7) Name and contact information of each individual authorized by the appraisal management company to contract with clients or independent appraisers for performance of appraisals; and
(8) A sworn declaration signed by the applicant.
Contact information includes, but is not limited to: mailing and physical address, telephone and facsimile number, email, and website address.
Source: 38 SDR 40, effective September 20, 2011; 45 SDR 45, effective October 8, 2018; 46 SDR 29, effective September 9, 2019; 49 SDR 25, effective September 18, 2022.
General Authority: SDCL 36-21D-4(1)(4).
Law Implemented: SDCL 36-21D-1, 36-21D-4(1)(4).
20:77:03:02. Uniform
consent to service of process. An appraisal management company applying for
registration under this article shall complete an irrevocable Uniform Consent
to Service of Process on a form approved by the secretary.
Source:
38 SDR 40, effective September 20, 2011.
General
Authority: SDCL 36-21D-4(1)(4).
Law
Implemented: SDCL 36-21D-1, 36-21D-4(1)(4).
20:77:03:03. Term
of registration. The secretary shall issue a certificate of registration to
an applicant who qualifies in accordance with this article. Any registration
issued under this article expires on December 31 of each year, unless otherwise
revoked or suspended during said term.
Source:
38 SDR 40, effective September 20, 2011.
General
Authority: SDCL 36-21D-4(1)(4).
Law
Implemented: SDCL 36-21D-1, 36-21D-4(1)(4).
20:77:03:04. Registration
renewal. To renew any current valid certificate of registration the holder
of the registration must file an application on a form approved by the
secretary and pay the renewal fee prescribed in § 20:77:04:02 to the
secretary by November 15 of each year.
Source:
38 SDR 40, effective September 20, 2011.
General
Authority: SDCL 36-21D-4(1)(4)(5).
Law
Implemented: SDCL 36-21D-1, 36-21D-4(1)(4)(5).
20:77:03:05. Late
renewal. If renewal of a certificate of registration is not accomplished
within the period prescribed in § 20:77:03:04, the applicant may renew the
certificate at any time prior to three months after its date of expiration by
satisfying all of the requirements for renewal, including paying the renewal
fee prescribed in § 20:77:04:02, and paying the applicable late renewal
fee prescribed in § 20:77:04:03.
Source:
38 SDR 40, effective September 20, 2011.
General
Authority: SDCL 36-21D-4(1)(4)(5).
Law
Implemented: SDCL 36-21D-1, 36-21D-4(1)(4)(5).
20:77:03:06. Change of ownership -- new application. If a registered appraisal management company has a change of ownership that results in a new owner that holds 10% or greater interest or a change in ownership that increases an existing individual's total ownership to 10% or greater interest, it shall apply in writing for a certificate of registration as a new appraisal management company under this article and shall complete an irrevocable Uniform Consent to Service of Process on a form approved by the secretary.
Source: 45 SDR 45, effective October 8, 2018.
General Authority: SDCL 36-21D-4(1)(4).
Law Implemented: SDCL 36-21D-1, 36-21D-4(1)(4).
