Department of Labor and Regulation

Updates to the Appraiser Certification Program rules concerning AMCs.

The effect of the rules will be to define AMC National Registry, appraiser panel, covered transaction, Federally regulated appraisal management company, Federally related transaction regulations, and secondary mortgage market participant; require new application for change of ownership; correct typographical errors; clarify requirements for quality control system; specify requirements for Standard 3 reviews and compliance with uniform standards; require appraisal fee to be paid within 45 days; require services comply with specific sections of TILA; clarify certain grounds for disciplinary action; add grounds for disciplinary action to include if an owner has had certain disciplinary action taken, investigation of a controlling person or designated officer, failing to comply with a final order, failure of a controlling person or designated officer to demonstrate good moral character or failing to register as required; and provide for collection and remittance of AMC national registry fees.

New content is added below as the draft rules move through the rule-making process.

Important Dates
Public Hearing:
Comment Deadline:
Interim Rules Committee Hearing:
Filed-Secretary of State:
Rule Effective:

08/10/2018
08/20/2018
09/17/2018
09/18/2018
10/08/2018

Agency Contact: Jerry McCabe mail to: DLRAdminRules@state.sd.us