20:77:06:01. Retention
of records. An appraisal management company registered under the provisions
of this article shall retain the following records:
(1) A detailed record of
each service request that it receives for appraisals of real property located
in South Dakota, which shall include, but is not limited to, the following:
(a) Letter of
engagement with the utilized appraiser;
(b) Appraisal report
received from the utilized appraiser, including the original report, any
revised reports, and any addenda or other material furnished subsequent to the
delivery of the original report;
(c) Any and all
assignment related correspondence sent to and received from the utilized
appraiser;
(d) Letter of
engagement with the utilized reviewing appraiser for the purpose of reviewing
the requested appraisal;
(e) Review of the
requested appraisal, including the original review report, any and all
correspondence sent to and received from the utilized reviewing appraiser, and
each subsequent revised review report;
(f) Requests received
from the client, all documentation supplied to that client, and any and all
correspondence sent to and received from the client; and
(g) Fees paid to
utilized appraisers and the fees received from the client;
(2) The appraiser fee
schedules, with beginning and ending effective dates, which is developed,
maintained, and is currently being used.
Records must be retained for a minimum
of five years. However, if, within the five-year period, an appraisal or report
is involved in an investigation, litigation, or state or federal review, the
five-year period for the retention of the records begins on the date of the
final disposition of that investigation, litigation, or state or federal
review. Records may be retained as a photocopy or electronic copy type of
media.
Source:
38 SDR 40, effective September 20, 2011.
General
Authority: SDCL 36-21D-4(8).
Law
Implemented: SDCL 36-21D-1, 36-21D-4(3)(8).
