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Illinois Appraisal Management Company Bond

Bond Requirements and Online Application

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:

  • Administers networks of independent contractors or employee appraisers to perform real estate appraisal assignments for clients;
  • 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
  • Otherwise serves as a third-party broker of appraisal management services between clients and appraisers.

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.

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 Illinois Appraisal Management Company Bond!   If you have any questions, please call us at 877-654-2327.
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