The Arkansas Appraisal Management Company Surety Bond is required by the Arkansas Appraiser Licensing and Certification Board. This bond regulations are aimed at boosting consumer safety and stabilizing the housing market. The bond is required to be in the amount of $20,000.
An appraisal management company, according to the Arkansas Code, can pertain to a person that provides appraisal management services to creditors or to secondary mortgage participants. If you wish to operate as an appraisal management company in Arizona, you will need to submit an application form that is provided on the website of the Arkansas Appraiser Licensing and Certification board, along with a fee that should not exceed $1,500. Aside from that, there is also a criminal background check fee that should not be over $50 for every person that owns more than 10% of the company.
An Arkansas Appraisal Management Company Surety Bond is also required for all the applicants. This is to ensure the state that as an appraisal management company, the business will be run following the rules and regulations set by the state. And should anyone be a victim of any unprofessional behavior from the company, the bond will ensure that they will be properly compensated. As the principal of the bond, you should make sure that the surety company that will execute the bond is authorized to do business in Arizona.
Surety Solutions Insurance Services, Inc. (Surety1) is licensed in all 50 states and represents over a dozen “A” rated surety bond companies. Surety1 has been providing Arkansas surety bonds sine 2003 and it maintains an A+ rating by the Better Business Bureau .