Wyoming Appraisal Management Company Bond Guide
In Wyoming, real estate appraisal management companies must file a $25,000 surety bond to register with the Real Estate Appraiser Commission.
Bond Overview
- Purpose: To protect clients from financial loss if an appraisal company causes harm
- Who Needs It: All appraisal management companies operating in Wyoming
- Regulating Body: The Wyoming Real Estate Commission
- Required Amount: $25,000
- Premium Rate: $250 for a 1-year term
Keep scrolling to learn more about how AMC license bonds work and get your free quote.
What is a Wyoming appraisal management company bond?
Wyoming Statutes Annotated Section 33-39-203 requires individuals provide a $25,000 surety bond amount or a letter of credit with their appraisal management company registration application. The state's official bond form is titled “Appraisal Management Company Surety Bond $25,000” but is also known as the “AMC bond.” This Wyoming surety bond protects the state and consumers from AMCs that violate the Wyoming Appraisal Management Company Registration and Regulation Act.
How much does a Wyoming appraisal management company bond cost?
The Wyoming appraisal management company bond costs $250 annually. Choose our multi-year discount at checkout to extend your AMC bond term and save money!
How do I get an appraisal management company bond in Wyoming?
You can buy your Wyoming appraisal management company bond online 24/7. Simply provide your appraisal management company name and address for Real Estate Commission filing approval. Once your payment has been processed, your official Wyoming surety bond will be delivered to your email instantly.
How fast can I get a Wyoming appraisal management company bond?
SuretyBonds.com offers instant Wyoming appraisal management company bond delivery 24/7. Purchase now to receive your official AMC bond delivered in minutes by email.
Why do appraisal management companies need a bond in Wyoming?
This Wyoming surety bond is required for state appraisal management company licensing. Wyoming statutes specify that by filing this bond the AMC license applicant agrees to pay all amounts owed to those who perform appraisal management services for the AMC as well as all amounts adjudged against the AMC resulting from breach of contract or other negligent/improper AMC servicing. If a licensed and bonded AMC fails to comply with state laws as required on their bond form, their issuing surety company will pay valid claims up to the full $25,000 bond amount, which the AMC must reimburse.
Who regulates licensing for appraisal management companies?
The Wyoming Real Estate Commission Certified Appraiser Board enforces state licensing for appraisal management companies, including the $25,000 bond amount requirement. If you have questions about your existing appraisal services license or new appraisers license application, you can contact the Board by calling 1(307)777-7141 Ext. 2 or emailing [email protected].
The Wyoming Real Estate Commission requires this bond for state AMC licensing compliance. If you work as an appraisal management company in another state, we also offer appraisal management company bonds nationwide.
What if I don’t have a Wyoming appraisal management company bond?
You must file your Wyoming appraisal management company bond with your state AMC registration application before you can be legally licensed. These bonds are continuous until canceled and must renewed to remain active for the duration of your Wyoming AMC license. If you don't have an AMC bond or fail to renew or maintain your bond, you can lose your license.
How do I update or change my AMC bond?
If the Wyoming Real Estate Commission requires your license bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your AMC name or address to match how it appears on your state appraisal management company license.
How do I renew my Wyoming appraisal management company bond?
You must renew your Wyoming appraisal management company bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active as required for your state AMC license.
How do I get my Wyoming appraisal management company licensed?
You must provide the following to apply for your Wyoming appraisal management company license.
- Appraisal Management Company Registration Form
- $1,800 registration fee
- fingerprint cards for any person with 10% or more interest in the business
- up-to-date photo for the designated contact individual
- Wyoming Secretary of State certificate of good standing
- verification of a good standing appraiser certificate
- business structure documentation
- $25,000 Wyoming surety bond or letter of credit
- copy of all engagement documentation for the AMC and appraisers
You may not offer appraisal management services in the state unless you're legally licensed with the Wyoming Real Estate Commission Certified Appraiser Board.
How do I avoid claims against my Wyoming AMC bond?
You can avoid claims filed against your Wyoming surety bond by complying with the Wyoming Appraisal Management Company Registration and Regulation Act. If you fail to do so when providing appraisal services, your issuing surety company will pay valid claims up to your full $25,000 bond amount, which you must reimburse.
