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How much does a $25,000 South Dakota appraisal management company bond cost?
A $25,000 South Dakota appraisal management company bond costs $250 per year and is issued instantly. Because this bond must expire annually on December 31, your first-term premium may be prorated based on how long your initial bond is actually in effect. Simply click Buy Now to get the AMC bond you need securely online in minutes.
What does a SD appraisal management company bond protect?
The South Dakota Department of Labor and Regulation Appraiser Certification Program requires all applicants for registration as an appraisal management company to obtain a $25,000 surety bond. An AMC surety bond is a form of consumer protection for the obligee (SD Department of Labor and Regulation). The surety bond ensures that the principal (applicant for AMC registration) will abide by all applicable rules and regulations concerning their work, such as the South Dakota Codified Law 36-21D and the Administrative Rule of South Dakota 20:77.
If the principal practices negligence or fails to abide by these codes resulting in damages or harm to consumers, affected consumers could file a claim up to the bond’s full $25,000 amount. The surety company will cover the claim with the guarantee that the principal will reimburse the surety for any money paid out.
How to become a registered South Dakota appraisal management company
All applicants for appraisal management registration must complete the following steps and provide all additional materials listed below before they can become a registered AMC.
- Complete the registration application by providing information about the company, the Designated Officer, and the corporate structure of the company
- Indicate if the entity is domiciled in South Dakota
- Provide identification of all controlling persons
- Include basic information of all individuals authorized to perform appraisals
- Pay the initial registration fee of $1,000 via check or money order payable to the Appraiser Certification Program
- Post a $25,000 surety bond
- Include a certificate from the Secretary of State’s office certifying authority to conduct business in the State of South Dakota
The term of all registrations is January 1st to December 31st of each year.
All applications can be completed online and submitted with the accompanying materials, or the form can be printed out and sent with those additional materials to the following address:
Applications and additional renewal information must be submitted between October 1 and November 15 of each year.
- Complete the AMC renewal application
- Pay the $750 registration renewal fee via check or money order payable to the Appraiser Certification Program
- Provide proof of a $25,000 surety bond effective during the upcoming year
Renewal applications will be mailed to all registered appraisal management companies on or around October 1 of each year. Send completed applications and accompanying materials to the South Dakota Department of Labor & Regulation’s Appraiser Certification Program.
Late renewal applications will be charged a $50 fee for every month the application is late after January 1st.
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.
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South Dakota Department of Labor and Regulation: Appraiser Certification Program South Dakota Codified Law 36-21D Administrative Rule of South Dakota 20:77 South Dakota Appraisal Management Company Surety Bond Appraisal Management Company Application for Registration Appraisal Management Company 2020 Renewal Application
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