Iowa Appraisal Management Company Bond
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How much does an Iowa appraisal management company bond cost?
A $25,000 Iowa appraisal management company bond costs $250 per year and is issued instantly. Applicants may also save time and money on renewing their bond when they opt for a two-year or three-year term at checkout. Simply click Buy Now to be on your way to getting the AMC bond you need in minutes.
Why do appraisal management companies in Iowa need a surety bond?
The Iowa Division of Banking requires all appraisal management companies (AMC) to post a $25,000 surety bond prior to registering as an AMC in Iowa.
Surety bonds are required as a form of consumer protection. If an appraisal management company or employee causes financial harm or practices negligence, affected consumers could file a claim up to the bond’s full $25,000 amount. The surety company will pay to cover any valid claims, but the bonded principal (party holding the bond) is required by the bond contract to pay the surety back in full for any money paid out.
The principal must abide by all applicable rules and legislation governing appraisal management company work or be vulnerable to claims, lawsuits, or license revocation.
How long are Iowa AMC bonds in effect?
Iowa AMC bonds remain in effect for 12 months and must be renewed annually until canceled or claimed against. The surety can cancel the bond by giving written notice of cancellation to the Iowa Professional Licensing Bureau at least 60 days prior to the effective cancellation date.
How to register as an Iowa appraisal management company
Applicants looking to become a registered Iowa appraisal management company must submit the complete the required application through the online portal. The Iowa Division of Banking does provide reference forms online. See the steps outlined below to determine what information and materials you will need to register as an Iowa appraisal management company.
- Complete the registration application.
- Include payment for the $250 application fee, $750 registration fee, and $51 background investigation fee per individual.
- Complete fingerprint cards and the waiver agreement for a national background check.
- Post the required surety bond on the Iowa Division of Banking Surety Bond Form.
- Complete the AMC Controlling Person Form. The controlling person must complete the General-Background Packet Request and the Controlling Person-Supplemental Form for Initial Registration.
- If you do not have brick-and-mortar facilities in Iowa, submit proof of registration with the Iowa Secretary of State.
Additional documentation may be required depending on the applicant’s specific background, information, and requirements. View the application instructions to learn more about the Iowa AMC application process.
To learn more about how to renew your registration, see the Iowa Division of Banking renewal application.
All electronic appraisal management company communications should be sent to [email protected].
Step-by-step videos on the online portal systems and licensing/permit processes are available on the Division of Banking YouTube channel.
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.