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.

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 provides 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.

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

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:

  1. Administers networks of independent contractors or employee appraisers to perform real estate appraisal assignments for clients;Illinois Appraisal Management Company Bond
  2. Receives requests for real estate appraisal services from clients and, for a fee paid by the client, enters into an agreement with one or more independent appraisers to perform the real estate appraisal services contained in the request; or
  3. Otherwise serves as a third-party broker of appraisal management services between clients and appraisers.

All who wish to be in this business must complete the Appraisal Management Company – Registration Form and also comply with the following requirements:

  1. Pay the non-refundable application fee of $2,500.
  2. Submit a certification that the applicant will use Illinois licensed appraisers
  3. Submit a certification that the applicant has a system in place using a licensed Illinois appraiser to review the work of all employees.
  4. Submit a certification that the applicant maintains a detailed record of each service request.
  5. Submit a certification that the employees of the company will be properly trained.
  6. Submit an irrevocable Uniform Consent to Service of Process.
  7. Submit a surety bond worth $25,000, issued by a company licensed in the state.

How can I get Illinois Appraisal Management Company Bond?

At Surety Solutions Insurance Services, Inc. (Surety 1), we make it easy to obtain your Illinois Appraisal Management Company Bond. We offer an easy-to-use online application, fast service, and competitive prices. Just complete our online application form, and one of our agents will get back to you within one business day. Once you pay the bond premium and sign the agreement, you have the option of receiving your surety bond via USPS Priority Mail or overnight delivery.

Surety1 was established in 2003. Our headquarters are located in California, but issue surety bonds for all 50 states. We also maintain an A+ rating with the Better Business Bureau.

 

How to Get Your Illinois Appraisal Management Company Bond

  1. Complete an online application. It’s free and no-obligation.
  2. One of our surety experts will contact you with a firm quote and an agreement to sign.
  3. Provide payment and your signed agreement, and then you will receive your Surety Bond!

If you have any questions, please call us at 877-654-2327.

How to Get Bonded

1. Apply Online
Using our Free & Secure Application
2. Get Your Free Quote
Applications are No-Obligation
3. Get Your Bond
Most Bonds are Approved in 1-2 Business Days

Surety Bond Experts

Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.

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