An applicant for issuance or renewal of an appraisal management company registration shall file with the Department of Labor and Regulation a surety bond with one or more corporate sureties authorized to do business in this state of twenty-five thousand dollars. ($25,000).
The surety bond shall be conditioned upon the following:
Any person damaged by an appraisal management company’s failure to pay an obligation has a right of action against the surety bond. Any action against a surety bond or must be filed in a court of competent jurisdiction within one year after the appraisal management company fails to pay the amount owing or the amount adjudged against the appraisal management company.
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