Appraisal management company bond cost
Appraisal management companies in LOWA are required to post a $25,000 surety bond with the Iowa Appraisal Management Bureau. The price of these bonds can vary because they are based on an applicant’s credit score. However, An applicant with good credit could pay as low as $250 with good credit.
Why need this bond
LOWA appraisal management companies need a surety bond because it protects consumers in the event that all rules and regulations aren’t followed. Specifically, these bonds are put in place for any person who suffers damage or loss as a result of the AMC’s breach of contract or violation of the law.
If you’re ready to get the surety bond you need, submit a bond request or give us a call at 1 (800) 308-4358. Our team of experts can typically provide applicants with free surety bond quotes within 1 business day of submitting an application.
What’s the fine print?
LOWA AMC bonds remain in effect for twelve months and must be renewed annually until cancelled or claimed against. The surety can cancel the bond by giving written notice of cancellation to the Iowa Professional Licensing Bureau at least 60 days prior to the effective cancellation date.
Become an appraisal management company
Along with posting a $25,000 surety bond, an applicant who wishes to become a licensed appraisal management company must submit the following:
- The name, form of business entity and contact information of the applicant
- Information to establish the general size of the applicant’s appraisal panel, both in Iowa and nationally
- Certification that the applicant will follow all professional appraisal requirements
- Any fee to be paid which is decided by the administrator
Apply for your surety bond
Get a FREE LOWA Appraisal Management Company Bond Quote Today! Click here to begin