Tennessee Appraisal Management Company Bond
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How much does an appraisal management company bond cost in Tennessee?
The Tennessee appraisal management company bond costs $200 annually. You can save money by choosing our multi-year discount to extend your AMC bond term during checkout!
Where can you get a Tennessee appraisal management company bond?
You can purchase your Tennessee appraisal management company bond online 24/7. Simply choose your preferred term and provide your appraisal management company name for Department of Commerce & Insurance filing approval. Once your payment has been processed, your official Tennessee surety bond will be delivered to your email instantly.
How fast can I get an appraisal management services bond?
SuretyBonds.com offers instant Tennessee appraisal management services bond delivery 24/7. Buy now to receive your official appraisal services bond in minutes by email.
What is a Tennessee appraisal management company bond?
Tennessee Code Annotated Section 62-39-408 requires applicants file a $20,000 surety bond when registering an appraisal management company with the state. State form IN-1756 is officially titled the “Appraisal Management Company Surety Bond - Tennessee” but is more commonly known as the “Tennessee appraisal management company bond,” “appraisal management services bond,” or just “AMC bond.” This bond specifically benefits those who file claims against an AMC registrant for failing to fulfill their professional obligations.
Why do I need an AMC bond in Tennessee?
You must file surety bond form IN-1756 to register an appraisal management company in Tennessee. By filing this bond, you agree to faithfully perform the obligations of an appraisal management company under Tennessee Code Annotated Section 62-39-401 and all related rules and regulations. If you fail to do so, your issuing surety company will pay valid claims to harmed individuals up to your full $20,000 bond amount, which you must reimburse.
If you provide appraisal management company services in states other than Tennessee, we also offer appraisal management company bonds nationwide.
Who regulates licensing for appraisal management companies?
The Tennessee Department of Commerce & Insurance Real Estate Appraiser Commission enforces licensing requirements for appraisal management companies registered in the state, including the $20,000 bond amount requirement. If you have questions about your existing AMC license or a new registration application, you can contact the commission by calling 1(651)741-1831 or emailing [email protected].
How do I update or change my appraisal management companies bond?
If the Tennessee Real Estate Appraiser Commission requires your surety bond documentation to be updated for any reason, contact your surety insurance company. If you bought your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common change requested is updating your AMC name to match your real estate industry registration paperwork.
How do I renew my Tennessee appraisal management company bond?
You must renew your Tennessee appraisal management company bond before its current term expires. Tennessee Code Annotated Section 62-39-408 requires your $20,000 AMC bond be renewed and maintained for the duration of your appraisal management company license. Once you pay your SuretyBonds.com renewal invoice, renewal instructions will be sent to keep your bond active.
How do I get my appraisal management company license in Tennessee?
You must provide the following to apply for your Tennessee real estate appraisal management company license.
- Tennessee Appraisal Management Company Registration Application packet
- $20,000 surety bond form IN-1756
- character information affidavit for controlling person and any other individual who owns more than 10% of the AMC
- drivers license copy for controlling person and any other individual who owns more than 10% of the AMC
- irrevocable consent to service of process
- $2,000 application fee payable by personal check, certified check, or money order