South Dakota 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 South Dakota
- Regulating Body: The Department of Labor and Regulation, Appraiser Certification Program
- Required Amount: $25,000
- Premium Rate: $250 for a 1-year term
What Is a South Dakota Appraisal Management Company Bond?
A South Dakota appraisal management company (AMC) bond is a type of surety bond required for residential real estate AMCs to operate legally.
Under the, all South Dakota real estate appraisers need $50,000 bond coverage. This protects the state, mortgage lenders and the public from financial harm.
Who Needs an AMC Bond?
If you do any of the following activities, the state considers you to be an AMC and you need a $25,000 bond for licensing:
- Recruiting and retaining appraisers
- Contracting with certified appraisers
- Managing administrative tasks for real estate appraisals
- Collecting appraisal fees and paying appraisers to their services
- Making sure appraisers are compliant with Uniform Standards of Professional Appraisal Practice
How Much Do Appraisal Management Company Bonds Cost?
The $25,000 South Dakota AMC bond costs a flat rate of $250. All applicants pay the same amount — no credit check required! Buy your bond online in minutes.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a South Dakota AMC Company Bond Work?
An AMC bond creates a financial guarantee that you will perform honest and legal appraisals. As the bond principal, you enter a three-party contract with the obligee and the surety.
- Principal: The AMC owner(s) filing the bond
- Obligee: The South Dakota Department of Labor and Regulation – Appraiser Certification Program
- Surety: The issuing surety provider
By signing the bond form, you promise to:
- Follow state laws
- Pay applicable fees
- Protect clients, lenders and appraisers from financial harm
If you break these regulations, the state or harmed consumers can file claims for reimbursement. The surety pays valid claims then collects repayment from you, the principal.
How Do I Get an AMC Bond in South Dakota?
You can get your South Dakota AMC bond instantly online. Enter your information and complete the online purchase. We’ll email you the official bond form within 5–10 minutes.
How Do I File My Bond?
Once you receive your bond, sign and email it to [email protected] or mail a physical copy. Be sure to include the Power of Attorney attachment.
Can I Get Bonded With Bad Credit?
Yes, your personal credit score does not affect your ability to get a South Dakota AMC bond!
How to Get an Appraisal Management Company License in South Dakota
To apply for your South Dakota AMC license, you’ll need to submit three things:
- Initial/Renewal Application for Registration as an Appraisal Management Company
- Check for $1,000 registration fee payable to the Appraiser Certification Program
- $25,000 surety bond or letter of credit, along with Power of Attorney
You’ll need to renew your registration between October 1 and December 31 each year.
How Do I Renew My Bond?
This bond expires annually on December 31. Watch for email and text reminders during the 90 day renewal period.
Typically, all you need to do is pay the renewal invoice and then file the continuation certificate and power attorney with the Appraiser Certification Program. This proves that you have active bond coverage without having to file a new bond form.
