Washington D.C. AMC Bond Overview
- Purpose: To protect the public from harm if an AMC fails to uphold its obligations
- Who Needs It: All appraisal management company owners in D.C.
- Regulating Body: The Department of Insurance, Securities, and Banking
- Required Amount: $25,000
- Premium Rate: $250 for a 1-year term
What Is a Washington D.C. Appraisal Management Company Bond?
A $25,000 District of Columbia appraisal management company (AMC) bond is required by the D.C. Department of Insurance, Securities, and Banking (DISB).
The surety bond ensures that AMCs will fulfill all professional obligations and uphold District of Columbia laws and regulations.
Who Needs an AMC Bond?
Anyone person or entity offering appraisal management services and overseeing an appraisal panel in the District of Columbia needs a $25,000 bond. This is one of the core requirements for a state registration from the DISB.
Federally-registered AMCs are exempt from the District of Columbia registration and bonding requirements.
How Much Do D.C. Appraisal Management Company Bonds Cost?
The $25,000 Washington D.C. appraisal management company bond costs $250 for a 1-year term. Or, you can save 25% and select a 3-year term for $625. Buy your bond online today.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a D.C. AMC Bond Work?
An appraisal management company bond creates a legally-binding financial contract between three parties: the bond principal, obligee and surety provider.
| Bond Party | Description |
|---|---|
| 1) Principal | The AMC owner(s) filing the bond |
| 2) Obligee | The D.C. Department of Insurance, Securities and Banking |
| 3) Surety | The issuing surety provider |
As the bond principal, you are responsible for upholding all applicable provisions of District of Columbia Code. If you break state or industry regulations, any one financially harmed can file a bond claim to recoup losses.
The surety validates and pays claims up to the $25,000 bond amount, then you must repay the surety.
The Washington D.C. Department of Insurance, Securities, and Banking requires this bond for District appraisal management company licensing. If you work as an AMC in other areas, we also offer appraisal management company bonds nationwide.
How Do I Get an Appraisal Management Company Bond?
You can purchase your Washington D.C. appraisal management company bond online 24/7.
- Provide your company name and NMLS ID for DISB filing approval.
- Complete the online payment.
- Authorize the surety to file on your behalf in NMLS.
You’ll get an email confirmation after checkout, however this is not your bond form. The electronic bond is uploaded directly to NMLS by the surety provider.
How Do I File My Bond?
Once you checkout, the surety will upload the electronic surety bond to NMLS on your behalf. You’ll need to go to your “Tasks” tab in NMLS then “Surety Bonds” to authorize the surety. After granting authority, you will be officially bonded.
Can I Get Bonded With Bad Credit?
Yes, personal credit score does not impact your ability to get a Washington, D.C. appraisal management company bond.
How Do I Renew My Appraisal Management Company Bond?
These bonds expire annually. To renew, all you need to do is pay your renewal invoice when prompted.
If you added new locations and need to update the bond amount, contact SuretyBonds.com at 1(800) 308-4358 for assistance in increasing your coverage.
How to Get a Register an AMC in Washington D.C.
To apply for a D.C. appraisal management company license with the DISB, you’ll need to create an NMLS account and upload all the required documents.
- Department of Licensing and Consumer Protection (DLCP) Business License
- $25,00 Surety Bond
- Affidavit of Prior Appraisal Management Company Activity
- Financial Statements
- Trade Name Registration Certificate (if applicable)
- Company Form MU1 and supporting materials
- Company Formation Documents
- Individual Form MU2 and supporting material for all owners/control persons
- $1,000 application fee payment
- $120 processing fee payment
Follow the NMLS Licensing Checklist for specific document naming and upload requirements.
Registrations expire on December 31 of each year. You must renew your license and bond annually to continue operating.
