2012 South Dakota Codified Laws
Title 36 PROFESSIONS AND OCCUPATIONS
Chapter 21D. Appraisal Management Companies
§36-21D-2 Appraisal management company defined.
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 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:
(1) Recruit, select, and retain appraisers;
(2) Contract with licensed or certified appraisers to perform appraisal assignments;
(3) Manage the process of having an appraisal performed, including providing administrative duties including:
(a) Receiving appraisal orders and appraisal reports;
(b) Submitting completed appraisal reports to creditors and underwriters;
(c) Collecting fees from creditors and underwriters for services provided; or
(d) Reimbursing appraisers for services performed; or
(4) Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.
Source: SL 2011, ch 184, § 2.
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