Louisiana AMC Bond Guide
If you are applying for a real estate appraisal management company (AMC) license in Louisiana, you'll need to get a surety bond. Learn all about the licensing and bonding process in this guide.
Bond Overview
- Purpose: To ensure appraisal management companies follow state rules and regulations
- Who Needs It: All real estate appraisal management companies licensed in Louisiana
- Regulating Body: The Louisiana Real Estate Appraisers Board
- Required Coverage: $20,000
- Premium Rate: $200 for a 1-year term
What is a Louisiana appraisal management company bond?
Louisiana AMC Licensing and Regulation Act Section 3415.3 D.(1) requires individuals file a $20,000 surety bond amount with their new or renewal appraisal management company license application. State law specifies this Louisiana surety bond benefits claimants against appraisal management company registrants to ensure they faithfully perform their licensing obligations. The state's official bond form is titled “Appraisal Management Company $20,000 Surety Bond” but is commonly known as the “appraisal management company bond,” “AMC surety bond,” or just “AMC bond.”
How much does a Louisiana appraisal management company bond cost?
The Louisiana appraisal management company bond costs $200 annually. Select our multi-year discount at checkout to extend your bond term and save money!
How do I get an appraisal management company bond in Louisiana?
You can buy your Louisiana appraisal management company bond online 24/7. Simply provide your appraisal management company name, address, and phone number for Louisiana Real Estate Appraisers Board filing approval. Once your payment has been processed, your official AMC bond will be delivered to your email instantly.
How fast can I get an AMC license bond?
SuretyBonds.com offers instant Louisiana appraisal management company bond delivery 24/7. Purchase now to receive your official Louisiana surety bond in minutes by email.
Why do appraisal management companies need a bond in Louisiana?
This Louisiana surety bond is required for state appraisal management company licensing. By filing this license bond, appraisal management companies agree to comply with all laws and regulations outlined in the Appraisal Management Company Licensing and Regulation Act. If a licensed and bonded AMC fails to do so, their issuing surety company will pay valid claims up to the full $20,000 bond amount, which the AMC must reimburse.
Who regulates licensing for appraisal management companies?
The Louisiana Real Estate Appraisers Board enforces licensing for appraisal management companies in the state, including the $20,000 AMC surety bond requirement. If you have questions about your existing AMC license, new AMC license application, or state AMC license regulations, you can contact the Board by calling 1(225)925-1923 or emailing [email protected].
The Louisiana Real Estate Appraisers Board requires this bond for state AMC licensing compliance. If you work as an appraisal management company in another state, we also offer appraisal management company bonds nationwide.
How do I file my Louisiana AMC license bond?
This official Louisiana surety bond form specifically requires that you file your original bond with the Louisiana Real Estate Appraisers Board by mailing it to the address below.
LREAB
9071 Interline Avenue
Baton Rouge, LA 70809
What if I don’t have a Louisiana appraisal management company bond?
Louisiana appraisal management company bonds are continuous until canceled and must be renewed by the principal as long as their state AMC license remains active. If you don't file this bond, you won't be able to get your state AMC license. Companies who fail to keep their AMC bond active risk losing their existing license.
How do I update or change my AMC bond form?
If the Louisiana Real Estate Appraisers Bond requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your AMC name, address, or phone number to match your existing AMC license or new license application.
How do I renew my appraisal management company bond?
You must renew your Louisiana appraisal management company bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active as required for your state AMC license.
How do I get my appraisal management company licensed in Louisiana?
Complete the steps below to apply for your Louisiana appraisal management company license.
- Fill out the AMC Initial License Application, which must be notarized.
- Provide an accepted photo ID.
- Pay the initial license fee, which will be determined based on your registration month.
- Pay the registration fee, which will be determined based on your number of appraisers who completed appraisals from October 1st-September 30th multiplied by $25.
- Provide your license history.
- File the paperwork required for your business type with the Louisiana Secretary of State.
- Purchase your Louisiana surety bond in the $20,000 required bond amount.
How do I avoid a claim against my Louisiana AMC bond?
To avoid claims against your AMC bond, you must comply with the Louisiana Appraisal Management Company Licensing and Regulation Act. If you fail to do so, your issuing surety company will pay valid claims up to your full $20,000 required bond amount, which you would be required to reimburse.
