New Mexico AMC Bond Overview
- Purpose: To protect the public from harm if an AMC fails to uphold its obligations
- Who Needs It: All appraisal management company owners in New Mexico
- Regulating Body: The New Mexico Real Estate Appraisers Board
- Bond Amount: $25,000
- Premium Price: $250 for a 1-year term
What Is a New Mexico Appraisal Management Company Bond?
A New Mexico appraisal management company (AMC) bond protects real estate buyers and sellers from financial harm.
The New Mexico Real Estate Appraisers Board requires all AMCs to file a $25,000 surety bond for state licensing.
How Much Do AMC Bonds Cost in New Mexico?
The $25,000 New Mexico AMC bond costs $250 annually with no credit check required. Or, you can save 25% by selecting a multi-year term. Click below to buy your bond in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a New Mexico Appraisal Management Company Bond Work?
A New Mexico appraisal management company bond creates a legally-binding contract between three parties.
| Bond Party | Description |
|---|---|
| Principal | The AMC owner purchasing the bond |
| Obligee | The New Mexico Real Estate Appraisers Board requiring the bond |
| Surety | The issuing surety provider |
This bond acts as your financial guarantee to the Board that you’ll uphold state regulations and operate ethically. Under N.M. Statutes §§ 47-14-1 to 47-14-23, the following practices are prohibited:
- Coercing or bribing an appraiser
- Threatening payment, business or employment to affect an appraisal
- Requesting a predetermined property value
- Challenging the original report without a valid, documented reason
If you violate this code, harmed parties can file claims to recover financial damages. The surety will pay valid claims against your bond up to the full $25,000 amount. However, you’ll need to refund the surety.
How Do I Get an AMC Bond in New Mexico?
You can purchase your New Mexico AMC bond online 24/7 using the form on this page. Simply enter your name, address and payment method. We’ll then send your official bond form instantly via email.
Can I Get Bonded With Bad Credit?
Yes, this bond doesn’t require a credit check! Anyone can purchase this bond at the same flat rate, regardless of credit score.
How Do I Renew My Bond?
New Mexico appraisal management company bonds expire annually. We’ll begin sending you renewal reminders 90 days before expiration. Simply pay the attached invoice to extend your bond for another term.
How Do I Update My Bond Information?
You can typically make small changes to your bond form, such as name and address, by contacting your surety company. Current customers can email [email protected] with the updated information.
How to Get an Appraisal Management Company License in New Mexico
Use the New Mexico Regulation and Licensing Department online portal to apply for your appraisal management company license. You’ll need to upload the following materials:
- Service of process form
- Surety bond form
- Payment for the $1,000 fee
After you submit your initial application, you’ll receive instructions for completing a background check. It may take up to three weeks to receive your license.
New Mexico AMC licenses expire annually. Renew through the same online account and pay the $550 fee.
