AMC bond cost
The Washington State Department of Licensing requires appraisal management companies to post $100,000 surety bonds.The price you’ll pay for your surety bond depends on a review of your personal credit report. Applicants with strong financial credentials could qualify to pay as low as 1% of the required bond amount. Ready to find out exactly how much you’ll pay?
Why this bond
Washington appraisal management company bonds ensure that principals (AMCs) comply with all provisions of Chapter 18.310 RCS of the state of Washington and with all rules and regulations adopted by the Director of the Department of Licensing. Some prohibited acts under this bond include:
- failing to pay appraisers within 45 days of an appraisal
- coercing an appraiser to give a certain appraisal amount
- withholding or threatening to withhold payment
- expressing or promising future business
- altering an appraisal report
- prohibiting communication between the lender, the real estate licensee, the property owner and any other third
- party involved
- and more
If the principal fails to comply with these terms, the bond protects harmed parties from financial loss.AMC bonds in Washington remain in full force and effect until canceled or violated. In the event of cancellation, the Business and Professions Division requires the surety to provide notice of cancellation and the reason for cancellation 30 days prior to the date termination takes effect.
Surety underwriting companies require current business financials and a personal financial statement to produce Washington appraisal management company surety bonds. To expedite the bonding process, have these documents ready when you submit a surety bond request to our team.
Become an AMC
To become a licensed appraisal management company in Washington, applicants must do the following:
- submit fingerprints for the designated controlling person and each owner with at least 10% interest in the company on the state-provided cards
- complete an appraisal management company application
- post a $100,000 surety bond
- complete an appraisal management company controlling person and owner registration
- mail all completed forms, fingerprint cards and a check or money order for the required fees to the Appraisal Management Company Program in Seattle, Washington
- and more
Applicants should allow at least 2 weeks for the department to review the application and determine eligibility.
Apply for your surety bond
Get a FREE Washington appraisal management company bond Quote Today! Click here to begin