Illinois appraisal management companies are regulated by the Department of Financial and Professional Regulation.
The $25,000 appraisal management surety bond is required by statute, as found under the Appraisal Management Company Registration Act.
The purpose of the $25,000 appraisal management company bond is a financial guarantee that licensed appraisal managers will comply with all provisions of the Act.
Specifically, and according to the same Act, the appraisal management company bond is only for the recovery of fines and fees levied by the Department of Financial and Professional Regulation for failure to abide by any rules governing the appraisal management profession.
This surety bond is for no other purpose than the protection of the Department, alone.
But your surety bond should not be thought of as an insurance policy.
This is because if a claim were paid from your surety bond to the Department, you in turn, as principal (the bond’s purchaser) are legally obligated to reimburse the surety for all costs and fees in the settlement of your claim.
As an applicant, you may pay as little as 1% or thereabouts annually for this bond.
The amount that you will be required to pay will be determined by a short application and a standard credit check.
Our agency can accommodate the application process by taking your application directly over the phone.
Standard turnaround times for a decision on premium range from a few hours to approximately one business day (depending on the time of day when the application was initiated).
Although the amount may be as little as around 1% annually, the amount you will pay will be determined almost entirely by your credit report, and therefore, your premium may range considerably from that 1% amount.
In all cases where applicable, our agency will work to find you the best surety bond pricing.
The Illinois appraisal management company bond is active for 1 year, and must be renewed annually.
According to the Act, failure to maintain an active surety bond may cause the Department to suspend, place on probation, or even refuse to renew your appraisal management company license.
But keeping your bond active is both easy and a given when you think about it. You should and will likely receive a renewal notice when the time comes for your annual surety bond premium.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide license and permit, contractor, court, and fiduciary bonds throughout Illinois.
We also provide surety bonds nationwide.
We thank you for your consideration and look forward to working with you.