ARSD 20:77:06:01. Retention of records

An appraisal management company registered under the provisions of this article shall retain the following records: (1) A detailed record of each service request that it receives for appraisals of real property located in South Dakota, which shall include, but is not limited to, the following: (a) Letter of engagement with the utilized appraiser; (b) Appraisal report received from the utilized appraiser, including the original report, any revised reports, and any addenda or other material furnished subsequent to the delivery of the original report; (c) Any and all assignment related correspondence sent to and received from the utilized appraiser; (d) Letter of engagement with the utilized reviewing appraiser for the purpose of reviewing the requested appraisal; (e) Review of the requested appraisal, including the original review report, any and all correspondence sent to and received from the utilized reviewing appraiser, and each subsequent revised review report; (f) Requests received from the client, all documentation supplied to that client, and any and all correspondence sent to and received from the client; and (g) Fees paid to utilized appraisers and the fees received from the client; (2) The appraiser fee schedules, with beginning and ending effective dates, which is developed, maintained, and is currently being used. Records must be retained for a minimum of five years. However, if, within the five-year period, an appraisal or report 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. Records may be retained as a photocopy or electronic copy type of media.