Where previously not required AMC licensees must now maintain a Louisiana appraisal management company bond in full force and effect with the licensing agency in order to operate. Louisiana statute defines an appraisal management company as any corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that administers a network of independent contract appraisers to perform real estate appraisal services for lenders or other clients and/or receives requests for residential appraisal services from clients and enters into agreements, written or otherwise, with one or more independent appraisers to perform the real estate appraisal services contained in the request (LA Chap. 51-A). The Louisiana appraisal management company bond must be written in the amount of twenty thousand dollars. The surety bond must be in the form prescribed by the board pursuant to regulations duly promulgated by it. The bond must accrue to the state for the benefit of a claimant against the AMC and secures the faithful performance of the AMC’s obligations under this law. The Louisiana appraisal management company bond must give a party having a claim against the licensee the right to bring suit directly on the surety bond, or the Louisiana Real Estate Appraisers Board may bring suit on behalf of the party having a claim against the AMC. Consumer claims must be given priority in recovering from the bond and if a claim reduces the face amount of the surety bond, then the surety bond must be increased annually upon renewal to equal the $20,000 obligation. Louisiana surety leader, Surety One, Inc. expert in the bonding needs of the financial sector, provides same day bonding of all appraisal management company bond applicants regardless of credit condition. Do you operate in multiple states? No problem! We offer surety bonds in ALL fifty states and beyond. Visit us at SuretyOne.com, call (787) 333-0222 or (800) 373-2804, or email Underwriting@SuretyOne.com, for a Louisiana appraisal management company bond application.
