Appraisal management bond cost
The state of Illinois mandates that any person or company who appraises real estate must post a $25,000 surety bond.The experts at Surety Bonds can get you instantly approved for this bond for just $250! Because no credit check is required, everyone qualifies for this low rate.
Why this bond
The Illinois Appraisal Management Company Registration Act requires that real estate appraisers purchase a $25,000 surety bond. This bond ensures that the principal (appraisal management company) abides by all the rules and regulations in the aforementioned act. Illinois appraisal management company bonds also hold the principal responsible for paying all taxes and applicable fees to the Illinois Department of Financial and Professional Regulation.
If the principal fails to make the proper payments to the state within 60 days of the due date, a claim can be made against the bond. The surety will initially pay for any damages, but the principal is ultimately required to reimburse the surety.
Appraisal management bond details
AMC bonds in Illinois are continuous until canceled and must be renewed annually. The surety company must provide written notice of the bond’s cancellation to the Commission at least 10 days prior to cancellation.
Apply for your surety bond
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