South Carolina AMC Bond Overview
- Purpose: To hold appraisal management companies financially responsible for following state laws
- Who Needs It: Appraisal management companies in South Carolina
- Regulating Body: The South Carolina Department of Labor, Licensing and Regulation — Real Estate Appraiser Board
- Bond Amount: $25,000
- Premium Price: $250
What Is a South Carolina Appraisal Management Company Bond?
South Carolina appraisal management company (AMC) bonds are a form of financial security for the state and appraisal clients. They ensure that AMCs uphold the Appraisal Management Company Registration Act.
Who Needs a Bond?
The South Carolina Department of Labor, Licensing and Regulation — Real Estate Appraisers Board requires all AMCs with a panel of 15 or more appraisers to have a $25,000 surety bond.
South Carolina defines an AMC as an external third party — individual or business — who manages an appraisal panel. AMC’s provide the following services:
- Recruit, select and contract appraisers
- Receive appraisal orders and reports
- Submit appraisal reports to creditors and underwriters
- Collect and distribute appraisal fees
- Review and verify work of appraisers
How Much Do AMC Bonds Cost in South Carolina?
$25,000 AMC bonds cost $250 for a full one-year term. Terms end on June 30 each year, so your exact rate will be prorated based on the purchase date. Get your bond today!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a South Carolina AMC Bond Work?
When you purchase an AMC bond, you enter a three-party agreement.
| Bond Party | Description |
|---|---|
| 1. Principal | You, the appraisal management company owner |
| 2. Surety | The South Carolina Real Estate Appraisers Board |
| 3. Surety | The issuing surety provider |
If you break contract terms and don’t adhere to state AMC laws, harmed parties can file a claim on the bond. The surety will investigate the claim and pay for damages. You must then repay the surety.
How Do I Get an AMC Bond in South Carolina?
You can get your appraisal management company bond in minutes! Just complete the following steps to get your bond:
- Provide personal and business information
- Pay the invoice
- Receive your bond via email
- File your bond with the Real Estate Appraisers Board
How Do I File My Bond?
File your bond with your South Carolina AMC registration application at the following address:
South Carolina Real Estate Appraisers Board
P.O. Box 11329
Columbia, SC 29211-1329
How Do I Renew My Bond?
South Carolina appraisal management company bonds expire on June 30 every year. You’ll receive email and text reminders starting 90 days before the term expiration date.
Just follow the instructions from the reminders and pay your renewal invoice online or over the phone. After renewing, you’ll receive a continuation certificate to file with the Real Estate Appraisers Board.
How Do I Update My Bond Information?
You can update basic information on your bond form with a bond rider. Call 1(800)-308-4358 or email [email protected] with the information you need to change and a representative will assist you.
How to Register an Appraisal Management Company in South Carolina
Register your South Carolina AMC by submitting an application to the Real Estate Appraisers Board at the following address:
South Carolina Real Estate Appraisers Board
P.O. Box 11329
Columbia, SC 29211-1329
Submit the following materials with your application:
- Copy of Controlling Person’s drivers license or government-issued ID
- Verification of Lawful Presence filled out by Controlling Person
- Corporate resolution giving Controlling Person Authority, if an LLC
- A criminal background check report for each Controlling Person and owner
- Statement of current financial condition
- A $25,000 surety bond
- $500 registration fee
Some business types may be exempt from the registration requirements. Refer to the list of exclusions in Section 40-60-340 of the Appraisal Management Company Registration Act.
South Carolina AMC Registration Renewals
South Carolina AMC licenses expire annually on June 30th. Complete the online renewal application to renew your registration.
Review Real Estate Appraisers Board AMC Renewals for more resources.
Note: There are no continuing education (CE) requirements for AMCs. However, apprentice, licensed, certified and mass appraisers must complete CE hours. Learn more about appraiser CE requirements.
