Effective July 1, 2013, all Colorado real estate appraisal management companies must have a $25,000 appraisal management company (AMC) surety bond filed with the state to remain in compliance with licensing and registration regulations for the state of Colorado. Gov. John Hickenlooper signed HB 1110 into law on June 8, 2012.
The bill also requires the surety company that provides the bond to give a 30-day notice to the Board of Real Estate Appraisers in the event of payment from the bond or cancellation of the bond. The requirements are explained in section 12-67-706.7 of the bill.
“(1) An applicant for an appraisal management company license shall post with the board a surety bond in the amount of twenty-five thousand dollars before a license may be issued by the board. A licensed appraisal management company shall maintain the required bond at all times.
(2) The surety bond shall require the surety to provide notice to the board within thirty days if payment is made from the surety bond or if the bond is cancelled.”
If you need an appraisal management company surety bond in Colorado or any other state, you can speak with a surety expert immediately by phone at 1 (800) 308-4358 Monday through Friday between 7 a.m. and 7 p.m. CST. Or, you can fill out a quick online contact form 24/7, and a surety expert will call you within 24 hours to help you get the bond you need quickly, easily and inexpensively.
For more information on getting an appraisal management company license in Colorado, contact the state’s Board of Real Estate Appraisers through the Department of Regulatory Affairs at 1 (303) 894-7855 or 1 (800) 886-7675.