Illinois Appraisal Management Company Bond

The Illinois Appraisal Management Company Bond is a $25,000 bond. It is a type of surety bond required by the Illinois Department of Financial and Professional Regulation. The bond has a common renewal date of 12/31 on even-numbered years.

How can I get Illinois Appraisal Management Company Bond?

At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:

1. Complete the easy to navigate and secure online application. ¹
2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
3. Sign some paperwork and pay the bond premium

Once these steps have been completed, the Surety Bond will be shipped to the bond applicant.
^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.} 

Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

What is the purpose of the surety bond?

The purpose of an Illinois Appraisal Management Company Bond is to protect consumers from financial losses caused by unscrupulous or incompetent appraisal management companies (AMCs). AMCs are third-party companies that manage the appraisal process for lenders and other mortgage professionals. They hire and oversee appraisers, and they are responsible for ensuring that the appraisals are accurate and unbiased.

The Illinois Appraisal Management Company Registration Act requires all AMCs operating in Illinois to be registered with the Illinois Department of Financial and Professional Regulation (IDFPR). As part of the registration process, AMCs must purchase a surety bond in the amount of $25,000. The bond is a guarantee to the IDFPR and to consumers that the AMC will comply with all applicable laws and regulations, and that it will be financially responsible for any damages caused by its negligence or misconduct.

If an AMC fails to comply with the law or if it causes financial losses to consumers, the IDFPR can file a claim against the bond. The surety company will then pay the damages, up to the amount of the bond. This provides consumers with a financial remedy even if the AMC is unable to pay its debts.

The Illinois Appraisal Management Company Bond is an important protection for consumers. It helps to ensure that AMCs are held accountable for their actions and that consumers are compensated for any losses they may suffer.

What are the requirements in order to have an appraisal management company in Illinois?

The following are the requirements for having an appraisal management company (AMC) in Illinois:

• Be registered with the Illinois Department of Financial and Professional Regulation (IDFPR).
• Have a Illinois Appraisal Management Company Bond in the amount of $25,000.
• Have a designated controlling person (DCP) who is a licensed appraiser in Illinois or another state with substantially equivalent licensing requirements.
• Have policies and procedures in place to ensure compliance with all applicable laws and regulations, including the Illinois Appraisal Management Company Registration Act and the Uniform Standards of Professional Appraisal Practice (USPAP).
• Maintain a detailed record of each service request it receives and the independent appraiser that performs the real estate appraisal service(s).
• Not interfere with adherence to USPAP or the Real Estate Appraiser Act of 2002 or a subsequent Act by individuals licensed under the respective Acts.
• Have employees working on behalf of the registrant and directly involved in providing appraisal management services who are appropriately trained and familiar with the appraisal process in providing appraisal management services.

To register with the IDFPR, AMCs must submit an application and pay a registration fee. The application must include information about the AMC’s ownership and structure, its policies and procedures, and its designated controlling person. AMCs must also submit a copy of their surety bond.

Once an AMC is registered, it must renew its registration every two years. To renew its registration, an AMC must submit a renewal application and pay a renewal fee. The renewal application must include information about any changes to the AMC’s ownership, structure, policies and procedures, or designated controlling person.

The IDFPR has the authority to investigate complaints against AMCs and to take disciplinary action against AMCs that violate the law or fail to comply with the requirements of the Illinois Appraisal Management Company Registration Act.

If you are interested in starting an AMC in Illinois, you should contact the IDFPR for more information.

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