How much does an appraisal management bond cost in Illinois?
The state of Illinois mandates that any person or company who appraises real estate must post a $25,000 surety bond. Appraisal management company surety bonds are issued for $437.50 for 99% of all applicants. Apply online today to get started!
|Bond Type||Bond Amount||Cost|
|$25,000 Appraisal Management Company Bond 2-year term||$25,000||$437.50|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form. You can purchase an Illinois appraisal management company bond for just $437.50. 5 minutes is all it takes to get bonded when you choose SuretyBonds.com!
Why do I need this bond?
The Illinois Appraisal Management Company Registration Act requires that real estate appraisers purchase a $25,000 surety bond. This bond ensures that the principal (appraisal management company) abides by all the rules and regulations in the aforementioned act. Illinois appraisal management company bonds also hold the principal responsible for paying all taxes and applicable fees to the Illinois Department of Financial and Professional Regulation. If the principal fails to make the proper payments to the state within 60 days of the due date, a claim can be made against the bond. The surety will initially pay for any damages, but the principal is ultimately required to reimburse the surety.
Give us a call at 1 (800) 308-4358 or submit a bond request to get an Illinois appraisal management company surety bond for just $437.50! It only takes 5 minutes to get approved.
What’s the fine print?
Appraisal management company bonds in Illinois must be renewed every two years, as they expire on December 31 of even years. The surety company must provide written notice of the bond’s cancellation to the Commission at least 10 days prior to cancellation.
Ready to get started?