The Illinois Appraisal Management Company Bond is a $25,000 bond. The surety bond is required by the Illinois Department of Financial and Professional Regulation. The bond has a common renewal date of 12/31 on even numbered years. More information on getting licensed can be found here.
The bond is required as part of (225 ILCS 459/) passed in 2011. The purpose of which is:
It is the intent of the General Assembly that this Act provide for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as appraisal management companies and to ensure appraisal independence in the determination of real estate valuations.
Since the passage of the act, all appraisal management companies operating within the state of Illinois must be licensed by the state. An appraisal management company, as defined by the state means any corporation, limited liability company, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:
Surety 1 can write this bond for as little as $438.00 for the 2 year term. We offer an easy to use online application, fast service and competitive prices.