Arkansas AMC Bond Guide
If you are applying for a real estate appraisal management company (AMC) license in Arkansas, you'll need to get a surety bond. Learn all about the licensing and bonding process in this guide.
Bond Overview
- Purpose: To ensure appraisal management companies follow state rules and regulations
- Who Needs It: All real estate appraisal management companies licensed in Arkansas
- Regulating Body: The Arkansas Secretary of State – Division of Business and Commercial Services
- Required Coverage: $20,000
- Premium Rate: $200 for a 1-year term
How much does a $20,000 appraisal management company surety bond cost in Arkansas?
Arkansas appraisal management company (AMC) surety bonds cost $200 and are issued instantly. Simply click Buy Now to visit our secure bond checkout to purchase your bond online today. It only takes a few minutes to get bonded as an appraisal management company in Arkansas.
Why do I need this bond?
The Arkansas Appraiser Licensing and Certification Board a requires appraisal management companies to have a $20,000 surety bond prior to conducting business in the state. This bond is not for individuals' appraisals; therefore, individuals cannot apply for 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 agent, director, employee, or officer of an appraisal management company from improperly influencing or attempting to improperly influence the development, reporting, result, or review of a real estate appraisal.
What’s the fine print?
Arkansas AMC bonds are renewed annually for the length of the license 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 to contract with independent appraisers and clients for appraisal services. Nonresident applicants must provide a certificate of authority.
The following documents must be included in a complete application:
- General application (Form AMR-1)
- Designated Agent for Services of Process
Contact Arkansas’ Secretary of State. Visit the Division of Business and Commercial Services website for more information. - Surety bond on appropriate form
A surety bond of $20,000 must be written on the prescribed forms (AMR-2 or AMR-3) - All necessary certifications
Certification of a Controlling Person (AMR-4)
Certification of Acceptance by Controlling person (AMR-5)
Certification of Systems and Recordkeeping (AMR-6)
Copy of Certificate of Authority issued by the Arkansas Secretary of State or copy of the filing with the Arkansas Secretary of State - Application Fee
Filling fee of $500 - Renewal of registration fee
Fees will not exceed $500
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they must adhere to different license and bonding requirements. For more information about appraisal management company bonds in other states, visit the SuretyBonds.com Guide to Appraisal Management Company Bonding or select a state from the list below to view each state’s AMC bond requirements.
