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How much does an appraisal management company bond cost in Washington?
The Washington State Department of Licensing requires appraisal management companies to post $100,000 surety bonds.
The price you’ll pay for your surety bond depends on a review of your personal credit report. Applicants with strong financial credentials could qualify to pay as little as 1% of the required bond amount. Ready to find out exactly how much you’ll pay? Request your free bond quote now!
Why do I need this bond?
Washington appraisal management company bonds ensure that principals (AMCs) comply with all provisions of Chapter 18.310 RCS of the state of Washington and with all rules and regulations adopted by the Director of the Department of Licensing. Some prohibited acts under this bond include:
- failing to pay appraisers within 45 days of an appraisal
- coercing an appraiser to give a certain appraisal amount
- withholding or threatening to withhold payment
- expressing or promising future business
- altering an appraisal report
- prohibiting communication between the lender, the real estate licensee, the property owner, and any other third party involved
If the principal fails to comply with these terms, the bond protects harmed parties from financial loss.
What’s the fine print?
AMC bonds in Washington remain in full force and effect until canceled or violated. In the event of cancellation, the Business and Professions Division requires the surety to provide notice of cancellation and the reason for cancellation 30 days prior to the date termination takes effect.
Surety underwriting companies require current business financials and a personal financial statement to produce Washington appraisal management company surety bonds. To expedite the bonding process, have these documents ready when you submit a surety bond request to our team.
How to become an AMC in Washington
To become a licensed appraisal management company in Washington, applicants must do the following:
- submit fingerprints for the designated controlling person and each owner with at least 10% interest in the company on the state-provided cards
- complete an appraisal management company application
- post a $100,000 surety bond
- complete an appraisal management company controlling person and owner registration
- mail all completed forms, fingerprint cards, and a check or money order for the required fees to the Appraisal Management Company Program in Seattle, Washington
Applicants should allow at least two weeks for the department to review the application and determine eligibility.
Complete licensing information can be accessed via the "Additional Resources" section of this page. Begin the licensing process by purchasing the surety bond you need.
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.