An Oregon Appraisal management company bond will now be filed with the state’s Appraiser Certification and Licensure Board. The board was created in 1991, but AMCs had previously filed their bonds with the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities.
The required Oregon appraisal management company bond amount remains $25,000.
Under Chapter 447, Section 9 of 2011 Oregon Laws, appraisal management companies must file a $25,000 Oregon appraisal management company bond with the Department of Consumer and Business Services. The bonds are used to reimburse individuals who have been harmed by negligent or improper real estate appraisal activity, appraisal management services, breach of contract in performing real estate appraisals, or any other appraisal management activity not in compliance with the law. The bond form is available here.
Oregon AMCs will mail the original copy of their legally executed bond to:
Appraiser Certification and Licensure Board
3000 Market St. NE, Ste. 541
Salem, OR 97301
The board can be reached by phone at (503) 485-2555, by fax at (503) 485-2559 or at www.oregon.gov.