This bill establishes a framework for the licensing of property data collectors and the registration of property data collection companies in South Dakota. It defines key terms such as "property data collection," "property data collector," and "property data collection company," and mandates that individuals must be licensed to engage in property data collection. The bill outlines the application process for licensure, which includes completing an approved course, passing an examination, and providing documentation of supervised property data collections. It also specifies that property data collectors must maintain certain insurance coverage and adhere to ethical standards, including not allowing external influences to impair their independence.

Additionally, the bill stipulates that property data collection companies must register with the Department of Labor and Regulation and comply with various operational requirements, including maintaining records and verifying the licensure of their employees. The legislation includes provisions for the renewal of licenses and registrations, penalties for violations, and the establishment of a property data collection fund to support the administration of these regulations. The Department is tasked with promulgating rules to govern the licensure and registration processes, including setting fees for applications and renewals.