SD HB1026

Creates a new licensing requirement for property data collectors who perform physical or virtual observations of real estate for use in financial transactions, administered by the Department of Labor and Regulation

Requires applicants to complete at least 30 hours of approved instruction, pass an examination, participate in 5 supervised property data collections, obtain insurance ($250,000 errors and omissions, $250,000 general liability) and a $25,000 business services bond, and pass a fingerprint-based background check

Exempts licensed architects, engineers, real estate appraisers, and real estate brokers from licensing requirements; also exempts banks, insurance adjusters, land surveyors, and political subdivision employees when acting within their scope of employment

Requires property data collection companies to register with the department, maintain $500,000 general liability insurance and a $25,000 bond, and only engage licensed collectors

Sets fee caps at $600 for initial license, $300 for renewal, $1,000 for company registration, and $500 for registration renewal; licenses expire December 31 annually with 7 hours continuing education required for renewal; unlicensed practice is a Class 1 misdemeanor