An applicant for issuance or renewal of an appraisal management company registration shall file with the Department of Labor and Regulation a surety bond with one or more corporate sureties authorized to do business in this state or an irrevocable letter of credit issued by an insured institution authorized to do business in South Dakota in the amount of twenty-five thousand dollars. The surety bond or irrevocable letter of credit shall be conditioned upon the following: (1) That the appraisal management company pay all amounts owed to a person who performs a real estate appraisal service for the company and pay all amounts adjudged against the company by reason of a negligent or improper real estate appraisal, a negligent or improper appraisal management service, or a breach of contract in performing a real estate appraisal or appraisal management service; and (2) That the surety company or insured institution provides written notice to the department, by registered or certified mail, at least thirty days before the surety company or insured institution cancels or revokes a surety bond or irrevocable letter of credit or if the surety company or insured institution pays for a loss under the surety bond or irrevocable letter of credit.
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