South Carolina Appraisal Management Company Bond
AmeriPro Surety Bonds | 844-589-9732
Appraisal Management Companies – South Carolina
The South Carolina Department of Labor, Licensing and Regulation is charged with the licensing and enforcement of regulations for appraisal management companies.
The Department requires that appraisal companies register with the Real Estate Appraisers Board and, as of 2011, file the appropriate surety bond.
Our agency provides the surety bond required for timely filing.
Amount of Surety Bond – Qualifications – Premium
The South Carolina appraisal management company bond is a $25,000 surety bond required under Section 40-60-330 of the state’s laws, known as “the Act”.
Qualifying involves completion of a surety bond application. Our agency can provide this to you, or we can take an application from you over the phone.
What to Expect
You will be asked all of the following as part of the underwriting process:
- Whether your have any lawsuits or unsatisfied judgments;
- If you have ever had a surety bond canceled or denied;
- If you have ever declared bankruptcy (a current, unresolved bankruptcy would likely be disqualifying);
- Whether or not you have any unsatisfied liens or collection items.
A credit inquiry will also be standard. Surety bond agencies utilize “soft inquiries” which have no adverse impact on your credit score.
The premium for qualified applicants will be $500 ($250, annually for a two year term). This amount may also be prorated depending on when during the year the surety bond is purchased.
Term of the Bond
A SC appraisal management surety bond purchased for a full term will begin on June 30th and expire two years later on the 30th.
As noted above, depending on when the bond is purchased, it may be prorated as to price; however, the termination date is always 30 June.
Purpose of this Surety Bond
Your surety bond serves as a financial guarantee for the state of South Carolina that you will be in compliance with all laws, regulations, and any amendments concerning appraisal management companies.
The protections afforded by means of this surety bond also extend to wrongdoing committed by any employees, agents, and managers of a licensed appraisal company. The Real Estate Appraiser Board goes so far as to provide a claims form on their website.
AmeriPro Surety Bonds is a surety bonds only agency.
We provide license and permit surety bonds throughout South Carolina. We also provide surety bonds nationwide.
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