How much does an appraisal management company bond in Louisiana cost?
Louisiana appraisal management company bonds are required by the Louisiana Real Estate Appraisers Board in the amount of $20,000.
SuretyBonds.com can issue these bonds instantly for just $200! There’s no credit check required, so everyone qualifies for this low, flat rate. Simply click the Buy Now button below to visit our secure payment portal to purchase your bond online today.
|Bond Type||Bond Amount||Cost|
|$20,000 Appraisal Management Company Bond||$20,000||$200|
Why do I need this bond?
Appraisal management company bonds in Louisiana act as a binding agent between the state, the company and the surety. By posting this bond, appraisal management companies (AMCs) agree to abide by all laws, rules and regulations stated in the Louisiana Revised Statutes.
Most of the laws applying to appraisal management companies can be found in the Statutes Title 37, Sections 3415.1-3415.21, also known as the Appraisal Management Company Licensing and Regulation Act. Laws according to this act require appraisal management companies to:
- only work as an appraisal management company once legally licensed by the state of Louisiana
- keep records of all appraisals for 5 years
- keep all records available to the board for review
Prohibited actions under this act include, but are not limited to:
- withholding or threatening to withhold a timely payment for an appraisal
- promising future business to any person
- providing an independent agent with a target value for real estate before or during an appraisal
What’s the fine print?
Appraisal management company bonds in Louisiana are continuous until canceled. The surety must notify the Louisiana Real Estate Appraisers Board and the AMC in writing at least 30 days prior to termination if the bond is to be canceled.
How to become an appraisal management company in Louisiana
Becoming bonded is simply the first step in becoming a fully licensed appraisal management company in Louisiana. Applicants must submit the following materials to apply for licensure:
- $20,000 surety bond
- completed, notarized application form
- all necessary fees
- and more
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