Governor Daugaard Signs SD's AMC Registration and Supervision Legislation
Tuesday, March 1, 2011
House Bill 1033 (HB 1033), the South Dakota legislation to require the registration and regulation of AMCs, was signed by Governor Dennis Daugaard on Thursday, March 17, 2011. HB 1033 was written at the behest of the Department of Revenue and Regulation’s ‘Appraiser Certification Program’ (ACP), South Dakota’s regulator of licensed and certified appraisers. The ACP partnered with the appraisal industry to form a working committee that began writing HB 1033 long before the Dodd-Frank Act mandated that states supervise the activities of AMCs. The committee was formed primarily due to complaints about a few bad actors from the AMC industry that were operating within the state.
HB 1033 was originally tabled by the House Commerce Committee in January due, in part, to “a push-back against seemingly never ending Federal mandates” according to one of the Representatives that voted to table. After an extensive lobbying campaign by the ACP and the appraisal industry, the House Commerce Committee voted to reconsider the bill on February 14 and the entire House of Representatives voted favorably on February 16. HB 1033’s journey through the South Dakota Senate was much less uneventful – passing at the committee level unanimously and again with just one dissenting vote during consideration by the entire body on March 3.
In addition to the regulator, South Dakota’s AMC legislation was supported by the appraisal industry. President Craig Steinley testified in favor of HB 1033 as a registered lobbyist representing PAASD. Also testifying in support of HB 1033 was Jim Dunlap, a PAASD member and representative of the South Dakota Chapter of the ASFMRA.
A special thank you to all of the PAASD members that contacted their Representative or Senator when asked. Without the grass roots efforts and emails from PAASD’s appraiser-members, HB 1033 would not have passed this year.
HB 1033 takes effect on July 1, 2011. The ACP’s committee is in the process of writing and promulgating the Administrative Rules that will implement the various provisions of the legislation. The full text of the bill, as well as audio of the Committee hearings and floor action in both of South Dakota’s legislative bodies, is available at the state’s Legislative website:
http://legis.state.sd.us/sessions/2011/Bill.aspx?Bill=1033
The ACP welcomes comments from appraisers concerning the development of the Administrative Rules that will implement HB 1033. Send your thoughts about the rules to regulate AMCs to Sherry Bren at Sherry.Bren@state.sd.us