Utah Appraisal Management Company Bond
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How much does an appraisal management company bond cost in Utah?
The Utah Division of Real Estate requires appraisal management companies to post $25,000 surety bonds, which cost just $250 per year. These bonds are issued instantly without a credit check, meaning all applicants are approved at the same rate.
Why do I need this bond?
Utah AMC surety bonds ensure that principals (appraisal management companies) adhere to the standards of the Utah Administrative Code, the Appraisal Management Company Administrative Rules and the Division of Real Estate. This particular bond allows for claims to be made against the bond in the event of financial losses resulting from the principal’s professional behavior. If a valid claim is made against the bond, the surety will compensate the injured parties for damages up to the full bond amount. The AMC, in turn, must reimburse the surety for any damages paid out.
What’s the fine print?
Appraisal management bonds are continuously effective until canceled and must be maintained as long as the principal conducts appraisal management business services. The surety must give the Division of Real Estate at least 30 days of notice prior to any cancellation.
How to become an AMC in Utah
To register as an AMC in Utah, applicants must complete the proper application, including the following information:
- full legal name of business entity
- business address along with email and phone number
- registered agent name
- certificate of existence from the Utah Division of Corporations
- applicable fees
- application for main controlling person
- two fingerprint cards with $40 fingerprint processing fee
- letter of waiver
- criminal history of all officers
Complete registration information can be accessed from the Additional Resources section of this page.
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.