How much does an appraisal management company surety bond cost in Arkansas?
Appraisal management companies must post a $20,000 surety bond prior to conducting business in Arkansas.
SuretyBonds.com issues Arkansas AMC bonds for just $100 without the need of a credit check. This means that everyone who contacts us for this specific surety bond type will instantly qualify for the same low cost! Simply click the Buy Now button below to visit our secure payment portal to purchase your bond online today.
|Bond Type||Bond Amount||Cost|
|$20,000 Appraisal Management Company Bond||$20,000||$100|
Why do I need this bond?
Arkansas appraisal management company surety bonds ensure that the principal (appraisal management company) complies with the Uniform Standards of Professional Appraisal Practice and Code of Ethics and the Arkansas Appraiser Licensing and Certification Act (A.C.A. 17-14-401 et seq.). Specifically, Arkansas AMC surety bonds prevent an employee, director, officer or agent of an appraisal management company from improperly influencing or attempting to improperly influence the development, reporting, result or review of a real estate appraisal. This includes, but is not limited to the use of intimidation, coercion, extortion, bribe, or blackmail threat for withholding the payment of appraisal services or threat of exclusion of future appraisal work.
Other prohibited acts include:
- requiring the appraiser to collect the appraisal fee from a borrower, homeowner or third party
- altering, amending or changing an appraisal report submitted by a licensed or certified appraiser by removing the appraiser’s signature or seal or by adding or removing information to or from the appraisal report
- committing an act or practice that impairs or attempts to impair an appraiser’s independence, objectivity or impartiality
- entering into agreements with independent appraisers unless the appraisers are licensed and certified and in good standing with the Arkansas Appraiser Licensing and Certification Board
- and more
What’s the fine print?
Arkansas AMC bonds remain in full effect unless canceled by the surety. If the surety chooses to cancel the bond, a written notice of cancellation must be submitted to the appraisal management company and the Arkansas Appraiser Licensing and Certification Board 60 days prior to cancellation.
How to become an appraisal management company in Arkansas
In-state applicants must designate a controlling person who will be held responsible to contract with independent appraisers and clients for the performance of appraisal services. Non-resident applicants must provide a certificate of authority.
The following documents must be included in a complete application:
- general application form AMR-1
- agent for services of process
- $20,000 surety bond on the appropriate form
- all necessary certifications
- initial application fee or renewal of registration fee
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