An appraisal management company registered under the provisions of this article shall retain the following records:

1. (1) A detailed record of each service request that it receives for appraisals of real property located in South Dakota, which shall include, but is not limited to, the following:

   1. (a) Letter of engagement with the utilized appraiser;
   2. (b) Appraisal report received from the utilized appraiser, including the original report, any revised reports, and any addenda or other material furnished subsequent to the delivery of the original report;
   3. (c) Any and all assignment related correspondence sent to and received from the utilized appraiser;
   4. (d) Letter of engagement with the utilized reviewing appraiser for the purpose of reviewing the requested appraisal;
   5. (e) Review of the requested appraisal, including the original review report, any and all correspondence sent to and received from the utilized reviewing appraiser, and each subsequent revised review report;
   6. (f) Requests received from the client, all documentation supplied to that client, and any and all correspondence sent to and received from the client; and
   7. (g) Fees paid to utilized appraisers and the fees received from the client;

2. (2) The appraiser fee schedules, with beginning and ending effective dates, which is developed, maintained, and is currently being used.

   Records must be retained for a minimum of five years. However, if, within the five-year period, an appraisal or report is involved in an investigation, litigation, or state or federal review, the five-year period for the retention of the records begins on the date of the final disposition of that investigation, litigation, or state or federal review. Records may be retained as a photocopy or electronic copy type of media.

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

General Authority: SDCL 36-21D-4(8).

Law Implemented: SDCL 36-21D-1 , 36-21D-4(3)(8).