# Plain-English Summary: Appraiser Certification Program Updates South Dakota is updating its rules for real estate appraisers and appraisal management companies to align with federal standards. Key changes include: new appraisers who receive credentials within six months before September 30 of an odd-numbered year can skip continuing education requirements during their first renewal; courses on valuation bias and fair housing can now qualify with just 8 class hours instead of the standard 15; and appraisal management companies must submit all application materials (including fees) within 90 days or lose their application. Additionally, when an appraisal management company experiences a change in ownership where someone gains 10% or more ownership stake, the company must reapply for registration and submit required paperwork within 10 days or risk losing its registration.
AI-generated from the proposed rule text — verify against the official documents.
Rulemaking to ensure compliance with applicable federal standards and clarify existing rules.
No specific cites listed — see the package documents.