Appraisal management companies (AMCs) in this state have been regulated for several years, and a surety bond required of registrants. The Board of Certified Real Estate Appraisers has adopted administrative rules which now require a Pennsylvania appraisal management company bond in the amount of $40,000. This is an increase from the original statutory provision of $20,000 however the rule does not necessarily limit the maximum bond penalty to $40,000. The Board may demand a larger surety bond as a penalty for a violation of Appraisal Management. Company Registration Act (AMCRA) based on the nonperformance of services or nonpayment of fees, or a violation of a similar law or regulation of another jurisdiction.
Pursuant to § 36.453, the Pennsylvania appraisal management company bond held by a registrant to satisfy the requirements of AMCRA must include all of the following:
The Pennsylvania appraisal management company surety bond may contain language with limits the aggregate liability of the surety to only the principal sum of the bond. The surety bond must be written as a continuous obligation and remain in full force and effect until the license is terminated or not renewed, or cancelled by surety. A full version of the changes to the AMC surety bond requirement can be viewed here.
Pennsylvania surety bond leader, Surety One, Inc. is a specialist in the bonding needs of the appraisal profession. We offer both surety and fidelity bonds needed by AMCs in ALL fifty states, Puerto Rico and the U.S. Virgin Islands. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or click here to enter our live chat window for a Pennsylvania appraisal management company bond application or information on ANY surety bonding need.
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