ARSD 20:77:01:03. Controlling person

A "controlling person," is one or more of the following: (1) An officer or director of an appraisal management company, or an individual that holds 10% or greater ownership interest in an appraisal management company; (2) An individual employed, appointed, or authorized by an appraisal management company that has the authority to enter into a contractual relationship with clients for performance of appraisal services and that has the authority to enter into agreements with independent appraisers for the completion of appraisals; or (3) An individual who possesses the power to direct or cause the direction of the management or policies of an appraisal management company.