AMC bond cost
The Utah Division of Real Estate requires appraisal management companies to post $25,000 surety bonds. These bonds are subject to underwriting consideration, so the price you’ll pay is based on a review of your personal credit report. Applicants with strong financial credentials could qualify to pay as low as 1% of the total bond amount, or just $250!
Why this bond
Utah AMC surety bonds ensure that principals (appraisal management companies) adhere to the standards of the Utah Administrative Code, the Appraisal Management Company Administrative Rules and the Division of Real Estate. This particular bond allows for claims to be made against the bond in the event of financial losses resulting from the principal’s professional behavior. If a valid claim is made against the bond, the surety will compensate the injured parties for damages up to the full bond amount. The AMC, in turn, must reimburse the surety for any damages paid out.
Appraisal management company bond details
Appraisal management bonds are continuously effective until canceled and must be maintained as long as the principal conducts appraisal management business services. The surety must give the Division of Real Estate at least 30 days of notice prior to any cancellation.
Become an AMC
To register as an AMC in Utah, applicants must complete the proper application, including the following information:
- full legal name of business entity
- business address along with email and phone number
- registered agent name
- certificate of existence from the Utah Division of Corporations
- applicable fees
- application for main controlling person
- two fingerprint cards with $40 fingerprint processing fee
- letter of waiver
- criminal history of all officers
- and more
Apply for your surety bond
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