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Appraiser Certification Program

Information for Appraisal Management Companies

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 is required to be duly registered or cease business until registered.

Important Reminder

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 Reminder

Requirement for AMCs to maintain a surety bond or irrevocable letter of credit

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:

• Initial/Renewal Application for Registration as an Appraisal Management Company Fill, print, and mail
• Fee - $1,000 initial registration fee
• Registration Surety Bond (Adobe PDF format) with an ending effective date of Dec. 31, 2021 or Continuous
• Certificate from the Secretary of State's office certifying authority to conduct business in the State of South Dakota

Registration Term

The registration term is Jan. 1 through Dec. 31 of each year.

Renewal

Submit the following between Oct. 1 and Nov. 15 of each year:

• Initial/Renewal Application for Registration as an Appraisal Management Company Fill, print, and mail This form will be available here during the renewal period from Oct. 1 through March 31.
• Fee - $750 registration renewal fee
• Registration Surety Bond (Adobe .PDF format)

The renewal application will be available to all registered appraisal management companies on the Appraiser Certification Program website on or around Oct. 1 of each year.

The surety bond's effective dates must be from Jan. 1 through Dec. 31 to coincide with the registration term 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-0000-2020 becomes AMC-SD-0000-2021 upon the 2021 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.

An appraisal management company that has not renewed its registration by Dec. 31, 2020, may not conduct business in South Dakota beginning Jan. 1, 2021, and until such time as the registration has been renewed and issued by the Department.

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 the Appraisal Certification office using the information under Contact Us on our home page.

Exemptions from Appraisal Management Company Registration

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

Contact Us

South Dakota Appraiser Certification Program
123 W. Missouri Ave.
Pierre, SD 57501
Office Phone: 605.549.0120 or 605.773.2038
email