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 underwriting required, so everyone qualifies! Simply click Buy Now to visit our secure payment portal to purchase your bond online today. In just a few minutes you can be on your way to getting bonded as a Louisiana appraisal management company.
|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. The act requires appraisal management companies to adhere to the following rules:
- Only work as appraisal management company once legally licensed by state of Louisiana
- Keep records of all appraisals for five years
- Keep all records available to board for review
The act prohibits appraisal management companies from engaging in the following activities:
- Withholding or threatening to withhold timely payment for appraisal
- Promising future business to any person
- Providing independent agent with target value for real estate before or during appraisal
What’s the fine print?
Appraisal management company bonds in Louisiana are continuous until canceled and must be renewed annually by the principal. 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 also submit a complete, notarized application form and payment of all required fees prior to receiving a license.
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