<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 36-21D-2 - Appraisal management company defined. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2060781Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060781SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2060781CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2060781Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060781DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2060781Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } p.s2060781Normal-000002 { margin-left: 1.14in; text-indent: -0.44in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2060781000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2060781SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2060781SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2060781Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=36-21D-2"><span class="s2060781SENU">36-21D-2</span></a><span xml:space="preserve" class="s2060781SENU">. </span><span class="s2060781CL">Appraisal management company defined.</span></p><p dir="ltr" class="s2060781Normal-000000"><span class="s2060781DefaultParagraphFont">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 underwriter of or other principal in the secondary mortgage markets, that oversees a network or panel of more than fifteen certified or licensed appraisers in a state or twenty-five or more nationally within a given year to:</span></p><p dir="ltr" class="s2060781Normal-000001"><span class="s2060781DefaultParagraphFont">(1)    Recruit, select, and retain appraisers;</span></p><p dir="ltr" class="s2060781Normal-000001"><span class="s2060781DefaultParagraphFont">(2)    Contract with licensed or certified appraisers to perform appraisal assignments;</span></p><p dir="ltr" class="s2060781Normal-000001"><span class="s2060781DefaultParagraphFont">(3)    Manage the process of having an appraisal performed, including providing administrative duties including:</span></p><p dir="ltr" class="s2060781Normal-000002"><span class="s2060781DefaultParagraphFont">(a)    Receiving appraisal orders and appraisal reports;</span></p><p dir="ltr" class="s2060781Normal-000002"><span class="s2060781DefaultParagraphFont">(b)    Submitting completed appraisal reports to creditors and underwriters;</span></p><p dir="ltr" class="s2060781Normal-000002"><span class="s2060781DefaultParagraphFont">(c)    Collecting fees from creditors and underwriters for services provided; or</span></p><p dir="ltr" class="s2060781Normal-000002"><span class="s2060781DefaultParagraphFont">(d)    Reimbursing appraisers for services performed; or</span></p><p dir="ltr" class="s2060781Normal-000001"><span class="s2060781DefaultParagraphFont">(4)    Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.</span></p><p dir="ltr" class="s2060781Normal"><span xml:space="preserve" class="s2060781000003"> </span></p><p dir="ltr" class="s2060781Normal"><span class="s2060781SCL">Source:</span><span xml:space="preserve" class="s2060781SCL-000004"> SL 2011, ch 184, § 2.</span></p></div></body></html>