ARSD 20:14:08:03. Fee appraiser independence required

If an appraisal is prepared by a fee appraiser, an independent contractor performing services for a fee, that appraiser must be engaged directly by the regulated institution or its agent and may have no direct or indirect interest, financial or otherwise, in the property or transaction. A regulated institution may accept an appraisal that was prepared by an appraiser engaged directly by another institution subject to Title XI of FIRREA if the regulated institution that accepts the appraisal determines the following: (1) The appraiser has no direct or indirect interest, financial or otherwise, in the property or the transaction; and (2) The regulated institution determines that the appraisal conforms to the requirements of § 20:14:06:01 and is otherwise acceptable.