SD Real Estate Newsletter: Spring 2024 License Renewal, Continuing Education Requirements, and Disciplinary Actions

Spring Edition April 2024 From The Director

Spring is in the air, and I am looking forward to it!

There was a good number of licensees who failed to complete their continuing education, didn't provide proof of their errors and omissions insurance, or simply didn't renew their license on time. Please mark your renewal year somewhere in your calendar so you don't forget to renew your license. It's never too early to begin working on your continuing education requirements. Those of you renewing this year may want to be looking into

how many hours you have completed so far, so you know how many you

need before the renewal deadline.

As a reminder, responsible brokers and property managers make sure you are reconciling your trust accounts monthly. It's very easy for the Commission compliance officers to determine that monthly reconciliations have not been performed, especially if the reconciliations have not included individual ledger totals. If you have any question about trust account requirements, please contact Commission staff. Take care and enjoy a wonderful Spring and Summer season!

Side Note: The Commission has made the decision to only do the newsletter twice a year-- instead of four times. The newsletter is always available on our website.

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Wednesday, May 8 - Commission Meeting Monday, May 27 - Office closed in observance of Memorial Day Wednesday, June 19 - Office closed in observance of Juneteenth Thursday, July 4 - Office closed in observance of Independence Day Wednesday, July 10 or Thursday, July 11 - Commission Meeting Monday Sept. 2 - Office closed in observance of Labor Day Wednesday, Sept. 11 or Thursday, Sept. 12 - Commission Meeting Monday, Oct. 14 - Office closed in observance of Native American Day Wednesday, Nov. 6 or Thursday Nov. 7 - Commission Meeting Monday, Nov. 11 - Office closed in observance of Veterans Day

Thursday, Nov. 28 - Office closed in observance of Thanksgiving

Wednesday, Dec. 25 - Office closed in observance of Christmas

 2023 online renewal is still open for those that haven't completed their

renewed. It closes June 30, 2024.

 There are still several license renewals that are pending due to missing

information. If you have not received a renewed license, be sure it was completed. We may be missing Continuing Education, E/O Insurance, or your Firm association.

 The office will be emailing a reminder notice for renewal in the fall.  Always be sure we have your correct email listed. This is how we

communicate with most licensees.

 Firms that are up for renewal will receive a letter in the mail containing the

firm's specific username and password.

 Now would be a good time to verify that we have the correct mailing

address.

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Disc i pl i n ar y Ac t i ons

Unprofessional conduct--which constitutes dishonesty or fraudulent conduct, whether arising within or without the pursuit of the licensee's license privilege (SDCL 36-21A-71 (1&15) - $1,500 administrative fine:

Breanne Davis Aberdeen

Performing real estate brokerage activity beyond the month in which a

license lapses for non-payment of renewal fees, and/or not filing/ completing the required continuing education (SDCL 36-21A-61, 36-21A- 62, 36-21A-64) OR Failure to maintain errors and omissions insurance or to provide proper notification to the commission of errors and omissions insurance (SDCL 36-21A-119, ARSD 20:69:15:02, 20:60:15:06, 20:69:15:07): Morgan Finley Pierre Sheila Tom Rapid City

Jason Burns Sioux Falls Travis Coyle Rapid City Kevin Ishol Brookings Chanelle Hurkes Sioux Falls Mike Hendrickson Dell Rapids Key Bolton Winner Carter Canham Miller Trevor Thielke Sioux Falls Vikash Patel Sioux Falls Keighton Hatten Spearfish Twila Owen Winner Stacy Harmsen Sioux Falls Taija Crawford Sioux Falls Elli Thurston Rapid City Jonathan Doeden Aberdeen Shalene Fox Custer Matthew Gillis Rapid City Roger Tesch Watertown Ernest Rupp Deadwood James Tesch Watertown Teresa Geiken Sioux Falls Brian Smit Sioux Falls

Unprofessional Conduct--Being convicted or pleading guilty or nolo contendere before a court of competent jurisdiction in this or any other state, or before any federal court, of a misdemeanor involving moral turpitude or a felony arising under the laws of this state or under the laws of the United States or any other state that would be a misdemeanor involving moral turpitude or a felony under the laws of this state (SDCL 36- 21A-71 (1&6) - $2,500 administrative fee:

Jared Grosshans Rapid City

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Broker Residential Rental Agent Altman, Adam Aberdeen Albertson, Madisen Brandon

Anderson, Kelsey Sioux Falls Anderson, Gaylon Alexandria, MN Antone, Devyn New Underwood Campbell, Matthew Aberdeen Bertrand, Elizabeth Harrisburg Clark, Aleah Renner Brady, Kevin Vermillion Crapp, Darrell Lancaster, WI Brent, Levi Harrisburg Fraley, Michael Sheridan, WY Drapeaux, Jeremy Hot Springs Hoff, Melissa Weston, FL Eli, Charisa Lennox Kapila, Vibhav Racho Cucamonga, CA Goblirsch, Kimberly Sioux Falls Kinney, Kimberly Spearfish Graziano, Nicole Rapid City Korkow, Jon Volborg, MT Hatton, Nicholas Sioux Falls Marcotte, Emily Ipswitch Heeren, Alan Huron Martin, Sara Hamel, MN Herding, Clay Hadley Merritt, John Jackson, WY Hill, Nathanael Brookings Morgan, Trudy Mitchell Hopkins, Alissa Sturgis Paffrath, Justin Kandiyohi, MN Huber, Trey Conde Potts, Joshua Stafford, VA Huls, Betsy Harrisburg Stjernhom, Christopher Golden, CO Koch, Melissa Ethan Sutherland, Larry Cheyenne, WY Kortan, Samantha Sioux Falls Threlkeld, Thomas Wayzata, MN Loehr, Madelyn Sioux Falls Tricker, David Elkhorn, NE Meyer, Sean Sioux Falls Wangberg, Tye Sioux Falls Natwick, Patricia Madison Noble, Maleigh Sioux Falls Norton, Haley Estherville, IA Pederson, Megan Sioux Falls Pickner, McKenzy Dell Rapids Plooster, Jana Rapid City Poole, Lindsay Sioux Falls Potas, Reece Sioux Falls Satter, Angie Portland, OR Schlepp, Janey Sioux Falls Schmidtman, Michael Sioux Falls Schroeder, Payten Tea Thompson, Michelle Rapid City Westrup, Nicole Sioux Falls Wienk, Abigail Harrisburg Williams, Zoe Sioux Falls Wiltgen, Sean Hartford Yanez, Mikaela Rapid City

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Broker Associate Allen, Kory Baltic Parsley, Owen Flandreau

Amaya Gonzalez, Yeimi Sioux Falls Paul, Tiffany Faulkton Ammann, Anna Watertown Phelps, Kelli Sioux Falls Battest, Kaden Aberdeen Plambeck, Alysia Mitchell Bellew, Ivonne Menno Ralston, Rhonda Phoenix, AZ Bendt, Jeffrey Rapid City Rezac, Zacharia Lennox Benson, Marcus Brookings Rozell, Makayla New Underwood Berg, Darren Huron Sandland, Nathan Letcher Bills, Scott Sioux Falls Sasso, Story Rapid City Blom-Mace, Stefanee Yankton Schliinz, Logan Whitewood Bonnstetter, Anna Colton Schroeder, Shauna Rapid City Brennan, Leah Colton Stevens, Cloie Vermillion Brown, Brooke Sioux Falls Sword, James Rapid City Brunelle, Maycie Spearfish Thue, Trevor Lake Norden Buell, Amanda Sioux Falls Timm, Douglas Sioux Falls Buhner, William Sioux Falls Tsymbalist, Val Sioux Falls Bush, Sandra Edgemont Ulrich III, Henry Black Hawk Capp, Lee Belle Fourche Valladares, Errol Sioux Falls Childers, Wayne Vale Wolde, Ayele Sioux Falls Cross, Amber Menno Yexley, Emily Clark Dexter, Scott Sioux Falls Young, Carrie Sioux Falls Dowling, Jamie Black Hawk Zieske, Gage Deadwood Dupert, Jared Sioux Falls Erickson, Chelsey Sioux Falls Fischbach, Julie Warner Fruechtenicht, Haley North Sioux City Holler, Jr. Bruce Sioux Falls Hufty, Angela Rapid City Jacobsen, Zachary Sioux Falls Johnson, Lori Huron Keith, Barrett Lead Klarenbeek, Brian Sioux Falls Reg. Home Inspector Knudson, Kyle Tea Kostboth, Heather Sioux Falls Bell, Robyn Sioux Falls Kuipers, Bradley Sioux Falls Heronemus, Aaron Orange City, IA Linde, Stacey Brookings Hilsendeger, Ronald Aberdeen Linthorne, Morgan Sioux Falls Scott, Christian Bath Locken, Beth Aberdeen Solomon, Joseph Sioux Falls Lynch, Melissa Florence VanMeveren, Jason Lake Norden Martin, Adrian Sioux Falls Welch, Jr., Kenneth Sioux City, IA Nguyen, Tung Sioux Falls Nielson, Andrew Lennox Norder, Kregen Spearfish Nykamp, Lisa Sioux Falls

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Property Manager Salesperson

Baloun, Cooper Sioux Falls Bradburn, Michael Culver, MN Bathke, Pamela Mitchell Cochran, Kameron Box Elder Hacker, Christina Omaha, NE Belitz, Cody Sioux Falls Heiss, Megan Page, NE Ealy, Patrick Rapid City Herding, Clay Hadley, MN Haga, Brooke Hermosa Hesseltine, Cord Valentine, NE Hoogshagen, Tracy Spearfish Hicks, Steven Fargo, ND Hull, Spencer Rapid City Kelly, Sean Omaha, NE Ingebretson, Kristina Sturgis Martin, Jeremy Elkhorn, NE Johnson, Abigail Sioux Falls Munoz-Lease, Kevin Johnston, IA Knoof, Chanda Black Hawk Myers, Tyson Bloomington, MN Larson, Jason Brandon Pilcher, Jerrod Randolph, NE Loe, Melanie Sioux Falls Robinsky, Aimee Sioux City, IA Luke, Matthew Sioux Falls Sabouni, Mani Brookings Nestore, Terri Rapid City Stokes, Jared Eagle Mountain, UT Neuman, Crystal Sioux Falls Uhlinger, Todd Yankton Olson, Wendy Brandon Voy, Hyatt Lewistown, MT Prokopiw-North, Tiffany Sioux Falls Wilkison, Laura Hill City Purdy, Alex Brookings Shay, Benjamin Sioux Falls Skotvold, Kaitlynn Sioux Falls Vander Weide, Lindsey Hardwick, MN

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FinCEN Proposes Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate

(original posted at fincen.gov on February 7, 2024)

President Biden signed Military Spouse Licensing Relief Act into law on January 5, 2023

WASHINGTON--Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency.

The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN's proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering, while minimizing potential business burden, and it would not require reporting of transfers made to individuals.

"Illicit actors are exploiting the U.S. residential real estate market to launder

and hide the proceeds of serious crimes with anonymity, while law-abiding Americans bear the cost of inflated housing prices," said FinCEN Director

Andrea Gacki. "Today marks an important step toward not only curbing

abuse of the U.S. residential real estate sector, but safeguarding our economic and national security." The proposed rule describes the circumstances in which a report would be filed; who would file a report; what information would need to be provided, including information about the beneficial owners of the legal entities and trusts; and when a report about the transaction would be due. Data from the reports would assist the Department of the Treasury and its law enforcement and national security partners in addressing vulnerabilities that leave the U.S. residential real estate market exposed to abuse by illicit actors. The proposed rule is consistent with the Bank Secrecy Act's longstanding directive to extend anti-money laundering measures to the real estate sector and builds on the success of FinCEN's Real Estate Geographic Targeting Order program, which has demonstrated the need for increased transparency and further regulation of this sector nationwide. Under the proposed rule, persons involved in real estate closings and settlements would continue to be exempt from the anti-money laundering compliance program requirements of the Bank Secrecy Act. FinCEN strongly encourages the public to submit written comments in response to the proposed rule. Comments will be accepted for 60 days following publication in the Federal Register. A Fact Sheet on the Notice of Proposed Rulemaking is available on FinCEN's website.

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