South Dakota Codified Laws 36-21B-2. Definitions
Terms used in this chapter mean:
(1) “Appraisal,” the act or process of developing an opinion of value of real estate for another and for compensation;
Terms Used In South Dakota Codified Laws 36-21B-2
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
(2) “Appraisal practice,” any valuation service, including appraisal, appraisal review, or appraisal consulting, performed by a person acting as an appraiser;
(3) “Evaluation,” a valuation of real estate prepared for a federally insured depository institution for a transaction that, pursuant to regulations promulgated by one or more federal financial institution regulatory agency, qualifies for the appraisal threshold exemption, business loan exemption, or subsequent transaction exemption; and
(4) “Federal financial institution regulatory agency,” the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, or Board of Governors of the Federal Reserve System.
Source: SL 1995, ch 223, § 2; SL 2013, ch 180, § 2; SL 2020, ch 164, § 1.