Washington D.C. AMC Bond Guide
If you are applying for an appraisal management company (AMC) license in Washington, D.C., you'll need to purchase a surety bond. Read on to learn all about the bonding process.
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?
District of Columbia Code Section 31-2361.04 authorizes the Department of Insurance, Securities, and Banking to require a $25,000 license bond as part of the appraisal management company registration process. The official Washington DC bond form is titled “SURETY BOND Appraisal Management Company Registration” but is commonly known as the “appraisal management company bond” or just “AMC bond.” This bond specifically requires AMCs to fulfill all professional obligations according to all applicable District of Columbia laws and regulations.
How much does a Washington D.C. appraisal management company bond cost?
The Washington D.C. appraisal management company bond costs $250 annually. Select our multi-year discount at checkout to extend your Washington D.C. AMC bond term and save money!
How do I get an AMC bond in Washington D.C.?
You can purchase your Washington D.C. appraisal management company bond online 24/7. Simply provide your appraisal management company name and NMLS ID for Department of Insurance, Securities, and Banking filing approval. Once your payment has been processed, your NMLS bond confirmation will be emailed to you instantly.
How fast can I get an appraisal management company bond?
SuretyBonds.com offers instant Washington D.C. appraisal management company bond purchasing 24/7. Buy now to receive your NMLS bond confirmation in minutes by email. SuretyBonds.com will electronically file your official surety bond directly with the NMLS as required by the Washington D.C. Department of Insurance, Securities, and Banking.
Why is the appraisal management company bond required?
This surety bond is required for Washington DC appraisal management company registration. By filing this bond, appraisers agree to comply with the Appraisal Management Company Regulation Amendment Congressional Review Emergency Act of 2019 and fulfill all professional obligations according to all applicable District of Columbia laws and regulations. If appraisers fail to comply with District laws as required by their license bond, their issuing surety company will pay valid claims up to their full $25,000 bond amount. The AMC must then reimburse their surety company for all claims paid.
Who regulates licensing for appraisal management companies?
The Washington D.C. Department of Insurance, Securities, and Banking Banking Bureau enforces licensing for the District's appraisal management companies, including the $25,000 surety bond amount requirement. If you have questions about your existing AMC license or new AMC registration, you can contact the Bureau by calling 1(202)727-8000 or emailing [email protected].
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 does an appraisal management company bond work?
This Washington DC appraisal management company bond protects the district and consumers harmed as a result of an AMC that fails to perform its professional obligations according to its bond terms. Your AMC bond must be actively filed directly with the NMLS for the duration of your Washington DC AMC license.
How do I update or change my appraisal management company bond?
If the Washington D.C. Department of Insurance, Securities, and Banking requires your electronic NMLS bond filing to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your AMC name or NMLS ID to match your your electronic NMLS license filing.
How do I renew my AMC bond in Washington D.C.?
You must renew your Washington D.C. AMC bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your electronic surety bond active with your NMLS license.
How do I license my appraisal management company in Washington D.C.?
Complete the steps below to apply for your Washington D.C. appraisal management company license with the Nationwide Multistate Licensing System & Registry (NMLS).
- Pay the $1,000 registration fee to the DISB.
- Upload all required documentation in NMLS.
- Purchase and file your $25,000 license bond.
- Complete a criminal background for each individual who has at least 10% ownership in the company.
