What is a Missouri Appraisal Management Company Bond?
How valuable is this surety bond for an Appraisal Management Company (AMC) such as yours?
Not only will this surety bond be a tool to become a licensed AMC in Missouri, this will also…
- Strengthen your reputation
- Help provide a great service to your clients
- Help improve your business
It is a licensure requirement for appraisal management companies in Missouri. Though mandatory in nature and conditioned to benefit the Obligee, this surety bond will also be a big help to the licensed appraisal management company in terms of business success.
This surety bond will ensure that the licensed AMC will lawfully fulfill its duties in accordance with the state laws and the rules of the Missouri Real Estate Commission.
In addition, this will provide an additional protection for the AMC’s clients. The clients will be financially compensated through this bond if the AMC commits a mishap.
The requirement is mandated by Section 339.511 of the Missouri Revised Statutes.
What is the Appraisal Management Company Bond amount?
The bond amount is $20,000.
Those who have excellent credit scores will be eligible to pay for a very low bond premium or just 1% of the bond’s amount!
If you want to find out what you need to pay, GET YOUR FREE QUOTE HERE today!
How can I get an Appraisal Management Company Bond?
In order to secure this type of bond, the license applicant must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond. We will make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your financial strength
- Your job/business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
What are the bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of Missouri
- The surety bond should be made payable to the Missouri Real Estate Commission
- The licensed AMC is obligated to comply with the provisions of Section 339 of the Missouri Revised Statues, the rules and regulations of Missouri’s Department of Insurance, Financial Institutions, and Professional Registration, as well as the Missouri Real Estate Commission, and all the other applicable rules
- If the licensed AMC commits a valid violation, the aggrieved party will be eligible to file a claim on the surety bond
Ready to apply? START HERE!