What is an Illinois Appraisal Management Company Bond?
Get bonded. Get registered! APPLY for your AMC bond today!
A surety bond is required of every person who is applying for registration as an appraisal management company (AMC) in Illinois. This includes sole proprietorships, partnerships, corporations, and LLCs.
The surety bond is mandated by the Illinois Department of Financial and Professional Regulation in pursuance of the Appraisal Management Company Registration Act.
The scope of the surety bond includes complete compliance of the registrant to the state laws when performing the following tasks:
- Serving as a third-party broker between clients and appraisers
- Supervises qualified appraisers to perform real estate appraisal services
- Receives requests and a fee to perform real estate appraisal services
If the AMC registrant violates the relevant rules and laws, the surety bond will be used to recover any expenses, fees, or for the collection of fines due to the Illinois Department of Financial and Professional Regulation.
What is the Appraisal Management Company Bond amount?
The bond amount is $25,000.
Your bond premium will depend on your credit score. Those who have an excellent credit score will be able to pay as little as 1% of the bond amount!
How can I get an Appraisal Management Company Bond?
Here’s a step-by-step bonding process that we have made easier so that you can get your bond in no time:
BOND APPLICATION
You must first apply for this type of surety bond. If you are ready to do this now, you may APPLY HERE!
Our expert surety bond agent will guide you through the entire process – from the time you have applied until the bond is issued to you.
ASSESSMENT
Next, you will be asked to submit a few important information that our underwriter will need to assess the following:
- Your job or business history
- Your credit score
- Your financial strength
To avoid any delays, make sure that you have gathered the right information needed before submitting.
BOND ISSUANCE
Once the underwriting process is done, we will immediately issue your bond and send it to you right away!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Illinois
- The Obligee of the surety bond should be the Illinois Department of Financial and Professional Regulation
- The AMC registrant is obligated to obey the provisions of the Appraisal Management Company Registration Act, as well as the rules and regulations of the Illinois Department of Financial and Professional Regulation
- If the AMC registrant commits a violation, the Obligee of the surety bond will be eligible to file a bond claim to recover any losses incurred
Ready to start on your bond? Contact us HERE!