Appraisal Management Company Surety Bond Requirements
Appraisal management companies (AMC) are subject to various requirements depending on their home state. Many appraisal management businesses are licensed to work in multiple states, meaning they are subject to various licensing and bond requirements.
What is an AMC surety bond?
This type of surety bond provides a financial guarantee that appraisal management companies will work according to laws that regulate their state’s appraisal industry. If a company fails to do so, the bond amount can be used to reimburse harmed consumers.
Below are four common AMC surety bonds from various states. Read on to learn more!
Mississippi Appraisal Management Company Surety Bond Requirements
Mississippi AMC surety bonds are required by the Mississippi Real Estate Appraiser Licensing and Certification Board in the amount of $20,000. This bond can be purchased instantly online for a $200 premium. All Mississippi AMC principals (holders of the surety bond) are subject to the obligations and regulations of Mississippi Code Title 73 Chapter 34 and all additional pertaining rules and codes.
Pennsylvania Appraisal Management Company Surety Bond Requirements
The Pennsylvania Department of State – State Board of Certified Real Estate requires appraisal management companies to post a $40,000 surety bond before beginning any appraisal work. You can purchase this bond for $400 instantly online through SuretyBonds.com without a credit check. Check out the Pennsylvania AMC Application Forms to begin your journey towards becoming a licensed AMC business.
Utah Appraisal Management Company Surety Bond Requirements
$25,000 Utah appraisal management company surety bonds can be purchased instantly online for $250. This bond is required by the Utah Division of Real Estate before a business can legally perform appraisal duties. This business must also adhere to the rules and regulations outlined for AMCs by Utah Administrative Code, Rule R162-2e, Appraisal Management Company Administrative Rules.
Virginia Appraisal Management Company Surety Bond Requirements
The Virginia Department of Professional and Occupational Regulation – Real Estate Appraiser Board requires all applicants looking to become a licensed appraisal management company in Virginia to post a $100,000 surety bond. As this bond’s amount is so large, this bond is considered risky and subject to underwriting consideration. An underwriter must perform a credit check and go through an applicant’s financial history before a quote can be issued. The cost of a Virginia AMC surety bond will start at $1,750.
Once bonded, all appraisal management business must adhere to the rules and regulations outlined for appraisal management companies in the Virginia Code Title 54.1, Chapter 20.2.
If you need an AMC bond
in Mississippi, Pennsylvania, Utah, Virginia, or any other state, you can contact a surety specialist online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday between 7 a.m. and 7 p.m. CST.