Delaware Appraisal Management Company Bond
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How much does a Delaware appraisal management company surety bond cost?
A $20,000 Delaware appraisal management company surety bond costs $200 and can be purchased instantly online. This bond is typically issued for a one-year term, but a multi-year discount is available for applicants looking to save time and money on their renewal bond. Simply click Buy Now to get the AMC bond you need in just a few minutes.
Why is a surety bond required of appraisal management companies?
The Delaware Division of Professional Regulation Council on Real Estate Appraisers requires all applicants for appraisal management company registration to post a $20,000 surety bond as outlined in the Delaware Code Title 24 Chapter 40 Subchapter IV. Appraisal Management Companies.
The obligee (DPR) requires the principal (appraisal management company) to obtain a surety bond as a form of consumer protection. Examples of an appraisal management company practicing negligence, causing harm, or violating the terms of their registration include participating in any of the following:
- Committing any act in violation of this chapter (Delaware Code Title 24 Chapter 40)
- Violating any rule adopted by the Council in the interest of the public and consistent with this chapter
- Knowingly making or causing to be made to the Council any false representation of material fact
- Suppressing or withholding from the Council any information that the applicant possesses and that, if submitted by the applicant, would have rendered the applicant ineligible to be registered pursuant to rules adopted by the Council
- Violating the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989
Affected consumers can file a claim up to the bond’s full $20,000 amount. The surety company will pay out any funds to cover the claim if proven valid. The principal is required to repay the surety in full for any money paid out to cover the claim.
How to register as a Delaware appraisal management company
When a business wishes to engage or perform any appraisal management related business or advertises their services, the company must register as a Delaware appraisal management company and meet the following requirements:
- Complete, sign, and notarize the Application for Appraisal Management Company Registration.
- Submit the required processing fee(s) by check or money order payable to the “State of Delaware.”
- Post proof of your $20,000 surety bond with the Council Office.
- Submit a Certificate of Individual Associated with Appraisal Management Company form. The appraisal management company controlling person and each owner of the company must sign all Certificate of Individual forms before a notary
- Submit any criminal history records on the controlling person and each person holding more than 10% of the appraisal management company to the Council Office. Those individuals must also complete the Criminal History Record Check Authorization found on the registration application. This form and associated fees must be sent to the State Bureau of Identification (SBI).
- If the company holds or has held an associated license in any other jurisdiction, the Council Office must receive license verification from each jurisdiction, sent directly from the jurisdiction to the Council.
- If the controlling person or a company owner does not have a U.S. SSN, they must submit a completed Request for Exemption from Social Security Number Requirement.
Only one registration is required for a business with multiple office locations.
If you need to renew your Delaware appraisal management company license, view the Delaware license renewal information page. Registrations expire annually on March 31 of each year and must be renewed before that date.
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they are 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.