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 s 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.
South Dakota Legal Code