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How much does a New Jersey appraisal management company bond cost?
A New Jersey appraisal management company bond, sometimes called an AMC bond, costs $500 and is issued instantly for a two-year term. Our secure bond checkout allows you to get the bond you need in minutes. Simply click Buy Now to get started!
Why is a surety bond required for appraisal management companies in New Jersey?
The New Jersey Division of Consumer Affairs requires applicants for registration to post a $25,000 surety bond before they can receive a license. The bond is required pursuant to N.J. Admin. Code § 13:40A-9.4 as a form of consumer protection required of all registration applicants. The principal (appraisal management company) must abide by all applicable rules and regulations concerning appraisal management business. Prohibited acts for appraisal management companies and officers can be found in the N.J. Admin. Code § 13:40A-9.11.
If a consumer is affected by any negligence or failure to comply with all codes, they can file a claim up to the full $25,000 amount of the bond. The surety company will pay to cover valid claims; however, the principal must reimburse the surety for all funds paid out.
To view all legislation pertaining to New Jersey appraisal management companies, see Title 13, Chapter 40a, Subchapter 9 - Appraisal Management Companies of the New Jersey Administrative Code.
How to register as a New Jersey appraisal management company
To register in the state of New Jersey, appraisal management companies must complete the following process.
- Complete an application for registration as an appraisal management company by answering all questions, including the structure of the AMC
- The certification page must be completed by the compliance officer of the appraisal management company
- Post a $25,000 surety bond
- Pay a $250 nonrefundable application fee to the State of New Jersey via check or money order
- Submit the initial registration fee via check or money order payable to the State of New Jersey
Your application must be signed and notarized before it can be submitted, along with the applicable fees and documents, to the Division of Consumer Affairs at the following address:
Additional information on who must register their company can be found at the top of the registration application.
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.