New Mexico AMC Bond Guide
If you are applying for an appraisal management company (AMC) license in New Mexico, you'll need to purchase a surety bond. Read on to learn all about the bonding process.
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
- Required Amount: $25,000
- Premium Rate: $250 for a 1-year term
How much does a New Mexico appraisal management company bond cost?
The New Mexico appraisal management company bond costs $250 annually. Select the multi-year discount at checkout to extend your AMC bond term and save money!
How do you get an appraisal management company bond in New Mexico?
You can purchase your New Mexico appraisal management company bond online 24/7. Simply provide your AMC name and address for Real Estate Appraisers Board filing approval. Once your payment has been received, your official New Mexico surety bond will be emailed to you instantly.
How fast can I get a New Mexico appraisal management company bond?
SuretyBonds.com offers instant New Mexico appraisal management company bond email delivery 24/7. Purchase now to receive your official AMC bond in minutes by email.
What is a New Mexico appraisal management company bond?
New Mexico Statutes Section 47-14-22 requires individuals file a $25,000 surety bond to qualify for appraisal management company registration or renewal registration. The state's official bond form is titled “Appraisal Management Company Surety Bond Form” but is commonly known as the “appraisal management company bond,” “appraisal management bond,” or just “AMC bond.” This bond specifically requires licensed appraisal management companies comply with the New Mexico Appraisal Management Company Registration Act.
Why do appraisal management companies need a bond in New Mexico?
Appraisal management companies must file this surety bond form to qualify for New Mexico appraisal management company registration or renewal registration. By filing this bond you agree to comply with the New Mexico Appraisal Management Company Registration Act when operating your AMC. If you fail to do so, your issuing surety company will pay valid claims up to your full $25,000 bond amount, which you must reimburse.
Who regulates appraisal management companies?
The New Mexico Regulation and Licensing Department Real Estate Appraisers Board enforces licensing for appraisal management companies, including the $25,000 bond requirement. If you have questions about your existing AMC license or new license application, you can contact the Board by calling 1(505)222-9824 or emailing [email protected].
The New Mexico Real Estate Appraisers Board requires this bond for state AMC licensing compliance. If you work as an AMC in another state, we also offer appraisal management company bonds nationwide.
What if I don’t have a New Mexico AMC surety bond?
You must file your New Mexico appraisal management company bond with your AMC license registration and maintain an active bond for the duration of your license. If you fail to file this New Mexico surety bond (or an alternate form of security), you won't be approved for state AMC licensing registration. If you fail to maintain and renew your appraisal management bond, the state can revoke your license and penalize your business.
How do I update or change my AMC bond form?
If the New Mexico Real Estate Appraisers Board 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 or address to match how they appear on your existing state license or registration application.
How do I renew my New Mexico appraisal management company bond?
You must renew your New Mexico AMC surety bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond term active as required for state AMC license registration.
How do I get an appraisal management company license in New Mexico?
Complete the steps below to apply for your New Mexico appraisal management company license registration.
- Set up your account application online through the New Mexico Professional Licensing User System.
- Pay the applicable Real Estate Appraisers Board fees.
- Pass the New Mexico Real Estate Appraisers Board State Jurisprudence Exam with a score of at least 70%.
- Purchase your New Mexico surety bond for the $25,000 required bond amount.
What are the consequences of a bond claim against an appraisal management company in New Mexico?
If a New Mexico appraisal management company breaches the terms of their bond or license, those that suffered loss can file a claim against the bond and be protected up to the full $25,000 bond amount. The AMC must reimburse their surety company for all claims paid.
