"Appraisal management services," is the act or process to (a) recruit, select, and retain appraisers; (b) contract with licensed or certified appraisers to perform appraisal assignments; and (c) manage the process of having an appraisal performed.

Appraisal management services includes administrative duties such as receiving appraisal orders and appraisal reports; submitting completed appraisal reports to creditors and underwriters; collecting fees from creditors and underwriters for services provided; and reimbursing appraisers for services performed. It also includes the review and verification of the work of appraisers for compliance with the Uniform Standards of Professional Appraisal Practice.

Source: 38 SDR 40, effective September 20, 2011.

General Authority: SDCL 36-21D-4.

Law Implemented: SDCL 36-21D-1 , 36-21D-2 , 36-21D-4(2).