Hawaii Appraisal Management Company Bond
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How much does an appraisal management company surety bond cost in Hawaii?
An appraisal management company surety bond in Hawaii costs $250 and is issued instantly online for a one-year term. Save time and money on your renewal when you select a two-year or three-year term at checkout. Simply click Buy Now to get the AMC bond you need in minutes.
Why is a Hawaii appraisal management company surety bond required?
The Hawaii Department of Commerce and Consumer Affairs’ Professional and Vocational Licensing Division requires appraisal management companies—also known as AMCs—to obtain a $25,000 surety bond before they can receive a license. A surety bond is a form of consumer protection required by the obligee (Hawaii Department of Commerce and Consumer Affairs). A principal (appraisal management company) must perform all contracted work to the standards and laws of applicable rules and statutes.
- HRS Chapter 466L–Appraisal Management Companies
- HRS Chapter 436B–Professional and Vocational Licensing Law
If the principal practices negligence or violates any rules outlined in the applicable statutes above, affected consumers can file a claim up to the bond’s full amount.
How to get a license as an appraisal management company in Hawaii
All applicants or businesses looking to become a licensed appraisal management company in the state of Hawaii must complete the following process:
- Complete the appraisal management company application for registration and indicate your business structure
- If using a trade name, an Application for Registration of Trade Name must be submitted
- Post and maintain a $25,000 surety bond using the appraisal management company bond form
- Attach a copy of the company’s processes and controls (see page 2 of the application)
- Include the applicable registration fee
- If the company has existed for more than a year, include $25 multiplied by the number of appraisers who performed an appraisal for the company in connection with a covered transaction in Hawaii during the previous calendar year
Further explanation and any additional requirements can be found on the application for registration.
How to renew your Hawaii AMC license
Although Hawaii AMC bonds are continuous, meaning they are renewed annually from the issuance date for the duration of the license, all licenses are subject to renewal by December 31st of odd-numbered years regardless of the date they were issued. Renewals will be accepted from November 4th through December 31st of odd-numbered years.
A $5,000 renewal fee is required each year when renewing a license. More information on the required fee and renewing your license can be found on the Commerce and Consumer Affairs website.
Applicants wishing to complete a hardcopy renewal form must request a renewal 8 weeks prior to their license expiration. This request can be done by calling the Professional and Vocational Licensing Branch at (808) 586-3000. All hardcopies can be picked up at the King Kalakaua Building located at 335 Merchant Street, Rm. 301 Honolulu, Hawaii 96813.
If a license is not renewed by its expiration date, that license is considered invalid and the company may not continue appraisal management business.
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.
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