Department of Labor and Revenue

Title - South Dakota Appraiser Certification Program

Appraisal Management Company Registration Program

The State of South Dakota's Appraisal Management Company (AMC) Registration Program was established in accordance with legislation enacted during the 2011 South Dakota Legislative Session. The Program accepts applications to register Appraisal Management Companies in this state. Any appraisal management company doing business in the State of South Dakota on or after January 1, 2012 is required to be duly registered or cease business until registered.

Important Announcement
Regulatory Authority
Definition of Appraisal Management Company (AMC)
Application
Registration Term
Renewal
Late Renewals
Name Change Procedure
Change of Address, Designated Officer or Controlling Person
Exemptions from Appraisal Management Company Registration

Important Announcement

Requirement for AMCs to maintain a surety bond or irrevocable letter of credit (effective July 1, 2014).

Regulatory Authority

South Dakota Codified Law 36-21D effective July 1, 2011
Administrative Rule of South Dakota 20:77 effective September 20, 2011

Please review these documents to ensure compliance.

Definition of Appraisal Management Company (AMC)

You are an AMC if you perform any of the following:

  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:
    1. Receiving appraisal orders and appraisal reports;
    2. Submitting completed appraisal reports to creditors and underwriters;
    3. Collecting fees from creditors and underwriters for services provided; or
    4. Reimbursing appraisers for services performed.
  4. Review and verify the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.

Application

Submit the following:

Registration Term

The registration term is January 1 through December 31 of each year.

Renewal

Submit the following between October 1 and November 15 of each year:

  • Renewal application (Complete online in Adobe pdf format*, then print for mailing.) This form will be available here during the renewal period from October 1 through March 31.
  • Fee - $750 registration renewal fee
  • Registration Surety Bond (in Adobe .PDF format*)

The renewal application will be mailed to all registered appraisal management companies on or around October 1 of each year.

For the 2016 renewal, the surety bond's effective dates must be from Jan. 1, 2017 through Dec. 31, 2017 or "continuous." If the ending date of the surety bond is "continuous," proof of continuation of the bond must be submitted for subsequent renewals.

AMC registration numbers change upon each renewal. The last four digits represent the year that your registration is active. For instance, the registration number AMC-SD-0000-2016 becomes AMC-SD-0000-2017 upon the 2016 renewal of your registration.

Late Renewals

An appraisal management company may renew the registration at any time prior to three months after its date of expiration; however, there is a late renewal penalty fee of $50.00 for each month or fraction of a month that has passed since the first day of January.

Name Change Procedure

  1. Submit a letter explaining the changes and requesting a name change for the registered AMC.
  2. Identify the controlling persons and a designated officer.
  3. Provide verification of registration name change with the South Dakota Secretary of State's office.
  4. Provide the surety bond with the name change or a rider to the current bond.

Change of Address, Designated Officer or Controlling Person

The Appraiser Certification Program must be notified, in writing, within five days of a change of address, designated officer or controlling person.

For information or assistance, please contact Sherry Been using the contact information below.

Exemptions from Appraisal Management Company Registration

See a list of those exempt from registration as an Appraisal Management Company.

Contact Us

Executive Director, Sherry Been

South Dakota Appraiser Certification Program
308 South Pierre Street
Pierre, SD 57501
Phone: 605.773.4608
Fax: 605.773.5405
em ail: appraiser certification@statuses

*Opening and printing Adobe .PDF files requires Adobe Acrobat Reader. Click here as needed to download the free Adobe Acrobat Reader.

 



Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184