36-21D-13. Maintenance of surety bond or irrevocable letter of credit.
An appraisal management company shall continuously maintain the surety bond or irrevocable letter of credit required by §36-21D-12 on file with the Department of Labor and Regulation in the amount of twenty-five thousand dollars for the exclusive purpose of payment of the obligations listed in subdivision 36-21D-12(1). Upon termination, cancellation, or reduction of the surety bond or irrevocable letter of credit to less than twenty-five thousand dollars, the registered appraisal management company shall file a replacement surety bond or irrevocable letter of credit within the time period established by the department by rule or surrender the company's registration to the department and cease operating as an appraisal management company.
Source: SL 2014, ch 184, §2.
Structure South Dakota Codified Laws
Title 36 - Professions and Occupations
Chapter 21D - Appraisal Management Companies
Section 36-21D-2 - Appraisal management company defined.
Section 36-21D-3 - Appraisal defined.
Section 36-21D-4 - Promulgation of rules regarding companies and services.
Section 36-21D-5 - Promulgation of rules regarding fees.
Section 36-21D-6 - South Dakota appraisal management companies fund.
Section 36-21D-7 - Expenditure from fund only upon appropriation.
Section 36-21D-8 - Monetary penalty for violation.
Section 36-21D-9 - Assessment of expenses of contested case proceeding.
Section 36-21D-10 - Prohibited conduct--Grounds for discipline.
Section 36-21D-11 - Permissible conduct.
Section 36-21D-13 - Maintenance of surety bond or irrevocable letter of credit.
Section 36-21D-14 - Action against surety bond or irrevocable letter of credit.