What is a Louisiana Appraisal Management Company Bond?
Secure a license today through this surety bond! Find out how!
Appraisal management companies choose the most competent appraisers that will provide the best valuation management services for their clients as well as reduce the risk of any fraudulent act.
Out of all the benefit-driven services that they provide, one thing remains clear: AMCs seek quality. We can help AMCs with that! We provide a high-quality surety bond experience with competitive rates!
It is a licensure requirement – as per Section 37:3415.3 of the Louisiana Revised Statutes – that serves as an assurance to the Louisiana Real Estate Appraisers Board that the Principal (licensed Appraisal Management Company) will legally perform its obligations. Some of these are:
- Supervises qualified appraisers to perform real estate appraisal services
- Accepts request for real estate appraisal services
Any discrepancy that may occur which results in injuring a client will be a ground for the Obligee to file for compensation. The compensation will be extricated on the surety bond.
What is the Appraisal Management Company Bond amount?
The bond amount is $20,000.
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?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete before submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
What are the surety bond conditions?
- The surety bond should be executed by a Louisiana-authorized surety bond agent or company
- The surety bond should be written in a form that is approved by the Louisiana Real Estate Appraisers Board
- The licensed Appraisal Management Company is obligated to comply with the Appraisal Management Company Licensing and Regulation Act or Chapter 51 of the Louisiana Revised Statutes, the rules and regulations of the Louisiana Real Estate Appraisers Board, and all the other relevant rules
- If the licensed Appraisal Management Company violates any of the statutes or rules, the aggrieved party will be eligible to file a claim on the surety bond
- If the surety bond’s amount is reduced due to a previous claim, the licensed Appraisal Management Company should immediately obtain a surety bond with the required amount during the renewal of a license
Do you need further assistance? Call us now at 800-333-7800!