S.D. Admin. R. 20:14:14:06

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:14:14:06 - Record keeping requirement when performing an evaluation

An appraiser performing an evaluation must prepare a workfile for each evaluation assignment that includes the following:

(1) Name of the client;

(2) True copies of all written evaluation reports, documented on any type of media; and

(3) All other data, information, and documentation necessary to support the appraisers evaluation opinions and conclusions.

The evaluation workfile must be retained by the appraiser for five years. The five-year period for retention of the records is applicable to each assignment and begins on the date of the submittal of the evaluation to the client. However, if, within the five-year period, the appraiser is notified that the evaluation 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.

S.D. Admin. R. 20:14:14:06

47 SDR 071, effective 12/14/2020

General Authority: SDCL 36-21B-3(20).

Law Implemented: SDCL 36-21B-3(15)(20).