Home appraisers and appraisal management companies in Arkansas will soon be required to post a $20,000 surety bond with the state’s real estate appraiser board.
The bond is among a host of regulatory changes for the industry, part of new legislation that will take effect January 1, 2010. The new laws will require that appraisal management companies verify they utilize only licensed or certified appraisers and ensure appraisals comply with industry standards.
Arkansas is one of the first states in the nation to enact tougher home appraiser regulations. So far, it’s the only state to mandate that appraisers obtain a surety bond. These bonds will allow consumers, appraisers and other parties to file claims against a bond and potentially recover any losses.
Appraisers and others can view the new regulations here.
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