Louisiana $20,000 Appraisal Management Company Bond

Why do I need this bond?

Louisiana appraisal management company bonds are required by the Louisiana Real Estate Appraisers Board in the amount of $20,000.

Appraisal management company bonds in Louisiana act as a binding agent between the state, the company and the surety. By posting this bond, appraisal management companies (AMCs) agree to abide by all laws, rules and regulations stated in the Louisiana Revised Statutes.

Most of the laws applying to appraisal management companies can be found in the Statutes Title 37, Sections 3415.1-3415.21, also known as the Appraisal Management Company Licensing and Regulation Act. The act requires appraisal management companies to adhere to the following rules:

• Only work as appraisal management company once legally licensed by state of Louisiana
• Keep records of all appraisals for five years
• Keep all records available to board for review

The act prohibits appraisal management companies from engaging in the following activities:

• Withholding or threatening to withhold timely payment for appraisal
• Promising future business to any person
• Providing independent agent with target value for real estate before or during appraisal

What’s the fine print?

Appraisal management company bonds in Louisiana are continuous until canceled and must be renewed annually by the principal. The surety must notify the Louisiana Real Estate Appraisers Board and the AMC in writing at least 30 days prior to termination if the bond is to be canceled.

How to become an appraisal management company in Louisiana

Becoming bonded is simply the first step in becoming a fully licensed appraisal management company in Louisiana. Applicants must also submit a complete, notarized application form and payment of all required fees prior to receiving a license.

Appraisal Management Company Bonds Nationwide

Many appraisal management companies are licensed to work in multiple states, meaning they are must adhere to different license and bonding requirements. For more information about appraisal management company bonds in other states, visit the SuretyBonds.com Guide to Appraisal Management Company Bonding or select a state from the list below to view each state’s AMC bond requirements.

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Additional Resources

Appraisal Management Company $20,000 Surety Bond form

Louisiana Real Estate Board Appraisers Board Appraisal Management Companies

Louisiana Real Estate Appraisers Board AMC Licensing and Regulation Act