20:14:08:02Steps to ensure independent judgment.

If the only qualified persons available to perform an appraisal are involved in the lending, investment, or collection functions of the regulated institution, the regulated institution shall take steps to ensure that the appraisers exercise independent judgment and that the appraisal meets required standards. Such steps include prohibiting an individual from performing appraisals in which the appraiser is otherwise involved and prohibiting directors and officers from participating in any vote or approval involving assets on which they performed an appraisal.

Source: 18 SDR 36, effective August 25, 1991; 22 SDR 91, effective January 1, 1996.