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How much does a Mississippi appraisal management company bond cost?
A Mississippi appraisal management company bond, or AMC bond, costs $200 per year and is issued instantly. Simply click Buy Now to purchase your bond using our secure bond checkout.
Why are Mississippi appraisal management companies required to have a surety bond?
The Mississippi Real Estate Appraiser Licensing and Certification Board requires appraisal management companies to post $20,000 surety bonds prior to conducting business.
Mississippi appraisal management company surety bonds hold appraisal management companies to the obligations and provisions of 73-34-103(1) of the Mississippi Code Annotated and all pertaining rules and regulations. Specifically, these bonds are put in place for the use, benefit, and indemnity of any person who suffers damage or loss as a result of the AMC’s breach of contract or of any obligation arising from it or any violation of the law.
How long are Mississippi AMC bonds effective?
AMC bonds in Mississippi remain in full force and effect until canceled. The surety can cancel the bond by giving written notice of cancellation to the Administrator of the Mississippi Real Estate Appraiser and Licensing Board at least 60 days prior to the effective cancellation date.
Mississippi appraisal bonds remain in effect for one year from the effective date indicated on the surety bond form.
How to get a license for a Mississippi appraisal management company
To get a license for a Mississippi appraisal management company, the applicant must complete the Mississippi Appraisal Board’s application packet in its entirety and complete the following steps:
- The AMC must designate a Controlling person as a Designated Officer, who will serve as the main contact for communications between the licensee and the Board.
- The AMC must identify and provide contact information for all individuals with 10% or more ownership stake in the company.
A Background Information Affidavit must also be completed for these individuals, as well as a statewide criminal background check by the Department of Public Safety.
- The AMC must pay a $1,500 application fee.
- The AMC must submit a $20,000 surety bond using the Board’s approved form.
If the business is not domiciled in Mississippi, the Designated Officer will need to complete the Irrevocable Uniform Consent to Services of Process.
Once the application is approved by the Board, fingerprint cards and consent forms will be provided to the AMC. These must be completed and returned to the Mississippi Appraisal Board, along with a $50 fee per card and form.
Appraisal Management Company Bonds Nationwide
Many appraisal management companies are licensed to work in multiple states, meaning they 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.